OPEC Divide Comes into the Open

Posted November 9, 2015 at 2:58pm

The Wall Street Journal reports that “discontent with the Organization of the Petroleum Exporting Countries spilled into the open Monday, when Oman’s oil minister called current oil production levels “irresponsible” and blamed the group for contributing to low oil prices.”  

“’This is a commodity that if you have one million barrels a day extra in the market, you just destroy the market,’ said Mohammed Bin Hamad Al Rumhy, whose country produces oil but isn’t a member of OPEC. ‘We are hurting, we are feeling the pain and we’re taking it like a God-driven crisis. Sorry I don’t buy this, I think we’ve created it ourselves.’”