Paralysed Opec pleads for allies as oil price crumbles

The Opec cartel is to continue flooding the world with crude oil despite a chronic glut and the desperate plight of its own members, demanding that Russia, Kazakhstan and other producers join forces before there can be output cuts.

Brent prices tumbled almost $2 a barrel to $42.90 as traders tried to make sense of the fractious Opec gathering in Vienna, which ended with no production target and no guidance on policy. It reeked of paralysis.

  • Norman_In_New_York

    It couldn’t happen to nicer people. As fracking technology gets upgraded, look for more price declines.

  • marty_p

    As the price drops now is the time to tell the Arabs to drink their oil.

  • favill

    When I was in high school 30+ years ago, my teacher told us that the price of a barrel of oil had been $US4. Then one day, the Arabs decided that it was going to be $US16–the cost of production, shipping, etc remained the same…but the Arabs wanted more money. This one event was a huge factor in the demise of the N.A. car industry which had been producing cars that went fast but were gas hogs. Once oil became expensive everything else became expensive…Saudi Arabia–payback is a b!tch.

  • bob e

    if i had been the man on 9 11.. the world would be different today.
    i am sick with fear for all my countrymen ..