That was a bad week for oil, strategically bad

EPA/HERBERT PFARRHOFER

Participants attend the start of the 168th OPEC Conference in Vienna, Austria, 04 December 2015. Oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) showed no inclination to pump less to ramp up prices as they met in Vienna, arguing that non-OPEC countries would first have to agree to follow along with such a move.

That was a bad week for oil, strategically bad


This was a bad week for oil, but most in that industry are having trouble remembering a good one. The slump in prices has led to revisions to earnings per share for the world’s ten largest integrated oil companies. This week, oil fell to its lowest in six years. What affects the news is simple enough: OPEC is not planning on curving production, and there is a serious oversupply. That decision was taken a long time ago, but was affirmed last Friday, December 4th. All that has happened since is th...


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