OPEC agreed not to cut oil production again until it meets later in May. That’s a bit misleading, though. OPEC said it wouldn’t cut production even though global oil inventories are high. But the friendly cartel members admitted they still haven’t cut production down to the levels they agreed on with the previous cut. Thus the nature of the cartel. It’s in everyone’s interest to cheat just a little bit by over-producing to make more money…
March 16th, 2009 | Dan Denning | 0 comments | Continued
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