Quote:
Originally Posted by Fuzz
If these idiots had any brains whatsoever they would do whatever they could to make as much money as possible before the golden goose goes tits up. Instead they are delusional enough to think they can control world production by killing competition, then going back to high prices. Well guess what, it ain't gonna work. When prices rise, so will production. It's called capitalism. So instead they go broke and basically give away their resources. Good work chaps. Well thought out. Enjoy your revolution.
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They weren't going to cut production so the shale guys could take their marketshare. The entire crisis was caused by the idiotic idea that adding millions of barrels per day of shale production could go on forever. I don't blame OPEC for telling everyone else to pound salt. Saudi learned their lesson in the 80s that they cant cut continuously to prop up prices. Someone else will fill the void they leave with higher cost production. The fact that for decades they've sat on 1-2MBPD of spare capacity that cost billions to explore and construct is crazy enough. I never understood why it was their responsibility to manage global supply shocks.