Oil Prices Collapse After OPEC Keeps Oil Production Unchanged – Live Conference Feed | Zero Hedge.
But, but, but… all the clever talking heads said they wil have to cut…
- *OPEC KEEPS OIL PRODUCTION TARGET UNCHANGED AT 30M B/D: DELEGATE
WTI ($70 handle) and Brent Crude (under $75 for first time sicne Sept 2010) are collapsing… as will US Shale oil company stocks and bonds (and thus all of high yield credit) tomorrow. The Saudis are “very happy” with the decision, Venzuela ‘stormed out, red faced, furious.’ Commentary from various OPEC members appears focused on the need for non-OPEC (cough US Shale cough) nations to “share the burden”and cut production (just as the Saudis warned yesterday).
It appears OPEC members have varying opinions…
- *KUWAIT’S OIL MINISTER SAYS HAPPY WITH OPEC OUTPUT DECISION
- *OPEC DECISION IS `VERY HAPPY’ ONE: [SAUDI ARABIA] NAIMI
- *IRANIAN OIL MINISTER SAYS HE’S `NOT ANGRY’ WITH OPEC DECISION
- #OPEC Venezuela Ramirez storms out red faced. Looked furious.
- *OPEC, NON-OPEC MUST SHARE OIL MKT BURDEN: NIGERIA MINISTER
- *OPEC `NOT PLAYING HARDBALL’ IN OIL MARKET: NIGERIA MINISTER
- *OPEC DECISION WAS BEST THING TO DO AT THIS TIME: NIGERIA
- *OPEC MADE A GOOD DECISION: ECUADOR OIL MINISTER
- *WE ARE MAINTAINING OPEC UNITY: ECUADOR MINISTER
…click on the above link to read the rest of the article…
