{"id":7363,"date":"2016-12-07T21:50:56","date_gmt":"2016-12-07T20:50:56","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=7363"},"modified":"2016-12-07T21:50:56","modified_gmt":"2016-12-07T20:50:56","slug":"will-opec-fix-oil-price","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=7363","title":{"rendered":"Will OPEC fix the oil price?"},"content":{"rendered":"

\"entrance_opec_headquarter_vienna\"<\/a>Will OPEC fix the oil price?\u00a0 A few days ago the cartel met to try to agree production cuts.\u00a0 The aim?\u00a0 To push the oil price up from where it alternates between $45 and $50 a barrel to between $50 and $60\/barrel.\u00a0 As this blog has written before there a number of contradictory things going on.\u00a0 Most oil producing countries whilst being able to sell the oil they take from the ground at a profit, are not currently able to sell it at a high enough price required by their economies.\u00a0 Moreover there are indications that Saudi Arabia needs to keep pumping due its dependency on natural gas for electricity.\u00a0 Other members play beggar my neighbour.\u00a0 There are also indications that Saudi Arabia wanted to hit Iran and Russia for political reasons, finish off the US shale industry and possibly hit electric cars.<\/p>\n

The problem is that Saudi Arabia needs the money that oil brings.\u00a0 It has decided that the money is getting more important with huge government cuts taking place and the Saudi’s having to borrow (partly to fund at least one ruinous war).\u00a0 In a strange move given the politics Russia has been brought in and said it will cut production.\u00a0 Russia needs the cash too.\u00a0 Will this OPEC fix work?\u00a0 Probably not.\u00a0 It never has before.\u00a0 Few of the countries can be relied on to stick at their production quotas, certainly by looking at history.\u00a0 US shale producers have cut their costs and stand ready to increase production and oil stocks are very high.\u00a0 However in the short term its succeeded and it looks like the days of very cheap petrol and diesel are behind us for the moment.\u00a0 Good news for the planet and renewables.<\/p>\n

Neil<\/p>\n","protected":false},"excerpt":{"rendered":"

Will OPEC fix the oil price?\u00a0 A few days ago the cartel met to try to agree production cuts.\u00a0 The aim?\u00a0 To push the oil price up from where it alternates between $45 and $50 a barrel to between $50 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[29,118,1],"tags":[57],"class_list":["post-7363","post","type-post","status-publish","format-standard","hentry","category-energy-costs","category-oil-prices","category-uncategorized","tag-peak-oil-2"],"yoast_head":"\nWill OPEC fix the oil price? - The oil lamp - shining God's light on peak oil<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theoillamp.co.uk\/?p=7363\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=7363\",\"url\":\"https:\/\/www.theoillamp.co.uk\/?p=7363\",\"name\":\"Will OPEC fix the oil price? 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