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Main » 2015 » December » 7 » Oil war: the world feels the shock waves of OPEC!
Oil war: the world feels the shock waves of OPEC!

The OPEC countries are not parties to reach an agreement.

Quotations of black gold fell below $ 40 a barrel on Friday after a seven-hour meeting of OPEC in Vienna, which emphasized the strong differences within the cartel.



The Organization of Petroleum Exporting Countries surprised markets after failing to agree on standards of official oil production, leaving production ceiling at record highs, despite the fact that the global oversupply continues to put downward pressure on energy prices.

Here's how differences in OPEC's influence on the world:

On strike were members of OPEC, which do not belong to the countries of the Persian Gulf. Saudi Arabia obsessed oust American oil producers and other countries of the oil market continued to increase production. As of Friday, OPEC oil production remained near record levels.

To the camp in Saudi Arabia have joined the strong Gulf countries, including Kuwait, Qatar and the United Arab Emirates.

Less wealthy OPEC members, are desperately trying to raise oil prices, calling for a reduction in production. The camp dissidents include: Algeria, Angola, Nigeria, and Venezuela, who have warned that the oil price will fall to $ 30 a barrel if OPEC does not take effect.

Saudi Arabia has run out of money. Even being able to Saudi Arabia felt the consequences of the collapse of oil prices, even though their production costs are among the lowest on the planet.

This is because the Saudis are spending a lot on the development of the country and the army. Budget kingdom needs higher prices. If prices remain at current levels, the country will spend the money over the next five years, warns the IMF.

The number of Americans employed in the oil sector is collapsing. Cheap oil - is a grace for most Americans.However, this has led to the rapid loss of jobs in the booming energy sector. 

With the end of 2014, the mining industry, which includes oil and energy companies, cut 123,000 workers, according to government statistics. All who remained were forced to contend with declining wages.

Fuel cost of $ 2 is not far off. Obvious winners of the collapse of the oil market are American drivers. The average price of a gallon of gasoline was $ 2.05 compared with $ 2.75 a year ago. And the refusal of OPEC to cut production only plays into the hands of American consumers.

A source

According to the materials WELTRADE

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