Addenda to my last missive... On 10/08/2015 03:01 PM, Zenaan Harkness wrote:
The Saudis (OPEC) halved the price of crude to target and eliminate the US shale oil producers. This 'price war' is not yet over.
Shale oil is a scam, was NEVER a threat to any oil supplying nation, and it's time is over. Zero Hedge site follows the shale oil scam closely as do others...
This has also been called a market share war with OPEC, Russia and USA competing - the shale producers had caused USA to become an oil exporting nation for the first time in yonks (official term for 'quite a long time').
OPEC recently invited Russia to join (they've been 'observer' for ages). Putin is holding onto his cards, not in any rush to make oil price fixing decisions right at this particular moment in time.
Russia has almost no oil but they have LOTS of Natural Gas left over from those depleted fields. It lasts about 50 years past the time the oil runs out according to oil geologists. Again, read End of Oil by Paul Roberts. He devotes a whole chapter to what's left of the Russian Oilfields and their natural gas. RR