Are OPEC to blame for the dismantle of the world-wide Oil market? Russia are prepared to join OPEC as an observer.
Global oil prices have dropped by 50% since July '14, with claims it was all due to over-supplying.
A decision made by OPEC to maintain the output of oil at 30 million barrels each day only complemented the over supply and dragged the price of oil down further.
Statement made by Igor Sechin' 10/2/15' (Head Of Russian Oil Rosneft)
"The Middle East countries of
OPEC destabilised the global oil market by pursuing their personal interests and are mindless to other members of the cartel."
- It is clear Igor is disgusted with decisions made by OPEC as now Russia are getting hit for it.
- OPEC with a share of 39% in the global oil market which consists of many countries from Saudi Arabia to Nigeria.
Saudi Arabia capitalised on OPEC's poor/intentional
decision and decreased the price per barrel for Oil blend since November 2014. Speculation says this move was a spark of a price war, others say Saudi Arabia did it fend away any one who seeks their share of the global market.
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Russia Ready to join OPEC as an observer - Click to read the article.
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http://innovativereport.blogspot.co.uk/2015/02/russia-prepared-to-join-opec-as-observer.html
