Low Crude Prices Hurt Cartel more than U.S. Shale


Houston, TX, September 26, 2016 — During the International Energy Forum, Sept. 26 – 28 in Algeria, members of the Organization of Petroleum Exporting Countries (OPEC) will convene informally to discuss how to stabilize slumping global oil prices. Crude is currently trading in the $43 range, less than half what it was in 2014 and…

Houston, TX, September 26, 2016 — During the International Energy Forum, Sept. 26 – 28 in Algeria, members of the Organization of Petroleum Exporting Countries (OPEC) will convene informally to discuss how to stabilize slumping global oil prices. Crude is currently trading in the $43 range, less than half what it was in 2014 and about a quarter of the 2008 peak. The largest drop of all time.

Although the low-price environment has caused job losses and capital spending cutbacks in the U.S. crude oil sector, Dan K. Eberhart, CEO, Canary, LLC, says the unofficial OPEC meeting is evidence that state-run oil companies are having a much tougher time responding to the oil bust than their free market competitors are.


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