I know this is driving them crazy - They scheme, have their emergency meetings, & make significant cuts, but no matter how hard they try OPEC can't control the oil market.
Today they slashed 2.2 million barrels from production & what happens?? Oil drops $5 per barrel.
When they made the cut OPEC president Chakib Khelil said "I hope we surprise you -- if not, we have to do something about it". I have to imagine that he was the one surprised when prices dropped so significantly instead of rising.
Traditionally OPEC has had very little impact on the price of oil, it's more driven by the world economy. With a drastic global slowdown the demand is way down and prices follow.
This is definitely a silver lining to the slowdown - I filled my tank the other day & what used to cost over $100 now only cost $37. Woohoo!!
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