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Economy

FBaggins

(26,729 posts)

4. It has in no sense been "easy" for OPEC

Reply to KeepItReal (Reply #1)

Fri Dec 25, 2015, 09:08 PM

Dec 2015

They're having serious internal strife.

It's worth noting that they produce in excess of 30 million barrels of oil per day and the price of that oil has declined more than $70 for each of those barrels since they started this strategy.

It's hard to say that companies going bankrupt with ~$2 Billion in debt is a big victory for OPEC when they're collectively losing almost that much every single day compared to less than two years ago.

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Highlight:

Oil Bankruptcies Reach Highest Quarterly Level Since Recession [View all] marmar Dec 2015 OP

"That was easy." - OPEC KeepItReal Dec 2015 #1

It has in no sense been "easy" for OPEC FBaggins Dec 2015 #4

Still record profits for Marathon. safeinOhio Dec 2015 #2

They bought out Hess here... Historic NY Dec 2015 #3