OPEC ‘Stands Ready To Support Oil Market Stability’

OPEC countries are prepared to step in to alleviate any market shortages together with other producers, the group the suggested on Monday, acknowledging recent geopolitical developments could hit oil supplies. “Despite the large uncertainties prevailing in key market fundamentals, OPEC, as always, stands ready to support oil market stability, together with non-Opec oil producing nations,” OPEC said in its monthly oil market report... So encouraging :D

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Support market stability or protect its members' selfish interests ?

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5 minutes ago, damirUSBiH said:

 .... OPEC, as always, stands ready to support oil market stability, together with non-Opec oil producing nations,” OPEC said in its monthly oil market report..

I feeling it right now-I’m feeling the rise in price $3:35 for third grade....

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The price of gas is the highest it has been in years. Gas goes up, price of everything goes up and all that recall the recession since decade ago..

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The only people not seeing the benefit of rising supplies, prices, etc. are ordinary citizens.

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(edited)

I fully accept the notion that OPEC will support oil market stability if that support coincides with the self interest of producing as much oil as they can. The notion that they are doing a public service in making up for the loss of Iranian oil provides the necessary coverage for claiming to be good citizens". More revenue, not public service, is the real motivator.

And when the ever increasing price bubble falters, as it must, the need to supplement declining revenues will increase the need for the OPEC producers to work even harder to put more oil into the system, with the concomitant further drop in prices.

We have seen this movie before.

Edited by William Edwards
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