OPEC,....

The OPEC is one of the powerful cartels for so long. It showed its muscle in the 1973 with the first oil embargo took place. Prices of a barrel of oil went from $4 to $40. Long lines for gasoline in USA, and Europe.

Problems in Nigeria, and the Middle East always pushed the prices higher. 

The rebels in Nigeria frequently kidnap oil producer's employees then release them.  I thought the rebels worked on behalf of the oil producers.

Last week the OPEC had a meeting and here are their important comments.


Nigeria's Oil Minister, Diezani Alison-Madueke "I don't think, in the very immediate short-term, the shale oil or shale gas (in USA) will overtly affect OPEC's production and exports at all, but it is of grave concern for us. Even though we do respect the integrity of the U.S. to be self-sustainable in terms of oil and gas, we are of course concerned in the medium-term."

Venezuela's Rafael Ramirez "given the global economic downturn, a drop-off in demand was the biggest concern for the OPEC." "The economic crisis in the European Union and the U.S. (increase production) puts demand in some danger"

The world is changing fast, Just a thought.