Pumps, as there’s no tomorrow: OPEC wants the competing Fracking technology cheap in a flood oil drown
The oil prices continue to fall – and OPEC countries as Saudi Arabia has never pump as much oil to the surface. The goal: The glut cheap oil to ensure that the expensive From Fracking technology in the US
Oil prices have eased again on Monday.. Traders told the downward pressure on prices at a record delivery in Saudi Arabia. There, the production runs at full speed: According to a survey of the news agency Bloomberg, the important member country of OPEC was pumping in May an average of 10.25 million barrels of crude oil per day to the surface. With the glut of cheap oil producing countries of OPEC want to ensure that fracking companies to adjust in the US their business. At current price levels, the relatively expensive fracking technology for businesses is a subsidy business
A Barrel (159 liters) of North Sea Brent for delivery in July cost the morning 65.17 dollars. That was 39 cents less than on Friday. The price of a barrel of US West Texas Intermediate (WTI) fell 45 cents to $ 59.85.
This is the flow rate at the record level of the previous month and further provides for a glut of oil on the world market.
At the meeting of OPEC oil ministers next Friday in Vienna, experts expect, despite the oversupply is not a reduction of the flow rate by the oil cartel.