Quote:
Originally Posted by mlee
Largest oil producer but @ only ~15% of the oil produced doesn't = controlling prices. We need way more than that which is the point I was trying to make.
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Yes and no.
That extra 15% oversupplied the market and caused a glut. Prices dropped because of that.
OPEC would have to curb their production by 15% (which they weren't willing to do) in order to maintain the price per Bbl.
If OPEC ate the 15%, then prices would have remained the same.