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International-UN-NGOs

OPEC's market share sinks - and no sign of wavering on supply cuts

2019-08-23

[THEBAGHDADPOST] OPEC’s share of the global oil market has sunk to 30%, the lowest in years, as a result of supply restraint and involuntary losses in Iran
...a theocratic Shiite state divided among the Medes, the Persians, and the (Arab) Elamites. Formerly a fairly civilized nation ruled by a Shah, it became a victim of Islamic revolution in 1979. The nation is today noted for spontaneously taking over other countries' embassies, maintaining whorehouses run by clergymen, involvement in international drug trafficking, and financing sock puppet militias to extend the regime's influence. The word Iran is a cognate form of Aryan, the abbreviation IRGC is a cognate form of Stürmabteilung (or SA), the term Supreme Guide is a cognate form of either Shah or Führer or maybe both, and they hate ~~Jews~~ ~~Zionists~~ Jews. Their economy is based on the production of oil and vitriol...
and Venezuela

...a country in Central America that sits on an enormous pool of oil. Formerly the most prospereous country in the region, it became infested with Commies sniffing almost unlimited wealth. It turned out the wealth wasn't unlimited, the economy collapsed under the clownish Hugo Chavez, the murder rate exceeds places like Honduras and El Salvador, and a significant proportion of the populace as refugeed to Colombia and points south...
, and there is little sign yet producers are wavering on their output-cut strategy.

Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data.

Despite OPEC-led supply cuts, oil LCOc1 has tumbled from April’s 2019 peak above $75 a barrel to $60, pressured by slowing economic activity amid concerns about the U.S.-China trade dispute and Brexit.

The decline in prices, should it persist, and erosion of market share could raise the question of whether continued supply restraint is serving producers’ best interests.

Posted by:Fred

#2 Where's here Mike?

NH is $2.50 a gallon.

Posted by: AlanC 2019-08-23 11:05

#1 ...$2.05/gal here this morning. Somebody's doing something right.

Mike

Posted by: Mike Kozlowski 2019-08-23 04:21

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