UAE Energy Minister declared economic war against American shale oil producers. In response I recommend we begin redirecting the $4 billion/yr fossil fuel subsidy toward our higher cost shale frackers in order to help them keep pumping the oil that has OPEC shaking in their sandals.
Abu Dhabi (AFP) - The United Arab Emirates said on Tuesday that OPEC will no longer move to shore up crude prices, arguing that rising North American shale oil output needed to be curbed.
UAE says OPEC will no longer shore up oil price - Yahoo News
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Meanwhile, Iran's President Hassan Rouhani threatens his neighbors whom he blames for the fall in oil prices:
"Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets.
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia.
Iran s Rouhani says countries behind oil price drop will suffer - Yahoo News
Abu Dhabi (AFP) - The United Arab Emirates said on Tuesday that OPEC will no longer move to shore up crude prices, arguing that rising North American shale oil output needed to be curbed.
UAE says OPEC will no longer shore up oil price - Yahoo News
__________________________________________________________
Meanwhile, Iran's President Hassan Rouhani threatens his neighbors whom he blames for the fall in oil prices:
"Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets.
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia.
Iran s Rouhani says countries behind oil price drop will suffer - Yahoo News
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