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OIL, OIL, TOIL AND TROUBLE

Screen Shot 2014-11-25 at 23.08.21ARTICLE BY STEVEN HAYWARD, PUBLISHED BY POWERLINE 25 NOVEMBER 2014

The fall OPEC meeting is under way right now in Vienna, and all eyes are on the Saudis, to see whether they will lead a strategy to stop the fall in oil prices, which is putting the crimp on Iran, Russia, and Venezuela, among other worthies. We’ve commented previously about what the Saudis may be up to (here and here), and today Business Insider reports that the Saudis show no interest in curtailing production to shore up the price, and in fact may be willing to go for two years or more with falling prices, with some Saudi insiders saying the real objective is to retard the shale oil revolution in the United States and elsewhere…

FULL ARTICLE

RELATED: Oil drops to 4-year low as traders await OPEC

EXTRACT

NEW YORK (MarketWatch)—Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week.

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