02 May 2015

Pump OPEC Pump

The on again and off again story of the rocking oil prices is vividly of OPEC’s triumph over the oil impoverished stalwart countries despite the oil production rules set forth.  For so much of the crude hope predictions by the non-OPEC countries that only fall apart to further impetus the OPEC policy of maintaining the status quo, the ongoing fight to end the monopolist OPEC epoch will continue on.  This, however, does not justify the term cartel – an association of suppliers with the purpose of maintaining prices at a high level and restricting competition, usually taken as a criminal organization’, as referred in the given article.  Most importantly, a controversial aspect of the oil-game points towards the strategic Petroleum Reserve of the US, which seemingly takes precedence over, the ongoing fight to end the monopolist OPEC.  Additionally and for as long as the oil-game controversial strategic Petroleum Reserve of the US remain the source to the now $110 oil prices per barrel, the term cartel’ as the OPEC is valiantly referred to is certainly not justifiable. http://www.arabnews.com/news/574611