OPEC Agrees To Keep Pumping As Oil Glut Fears Persist

[Purveyor]

Source: Reuters

By Alex Lawler and Rania El Gamal

(Reuters) - Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

Concluding a meeting with no apparent dissent, Saudi Arabian oil minister Ali al-Naimi said OPEC had rolled over its current output ceiling, renewing support for the shock market treatment it doled out late last year when the world's top supplier said it would no longer cut output to keep prices high.

The Organization of the Petroleum Exporting Countries will meet again on Dec. 4, Naimi said.

With oil prices having rebounded by more than a third after hitting a six-year low of $45 a barrel in January, officials meeting in Vienna saw little reason to tinker with a strategy that seems to have resurrected moribund growth in world oil consumption and put a damper on the U.S. shale boom.

Read more: http://www.reuters.com/article/2015/06/05/opec-meeting-idUSL5N0YR0BN20150605

[cstanleytech]

1. OPEC is just delaying the inevitable though because eventually they will run out of oil

and they should start investing the money they have made into a replacement source of energy before someone else beats them to it.

[FLPanhandle]

2. The Saudi's are sticking it to Russia and Iran

Also, killing the US wave of oil production.

win/win for them.

[quadrature]

3. OPEC members at war with themselves

KSA and the Gulf countries are at war
Iran and its allies

this story is intellectually dishonest.
who is OPEC agreeing with?