The reason for falling oil prices explained (maye)
Interesting article on Bloomberg today SEE IT HERE
Forum Discussion
Not correct at all. Oil is traded on the world commodity market, which determines pricing. OPEC has influence, based on how they manage output, but their power to influence prices is now significantly compromised by the large increase in drilling/fracking in the rest of the world.
NYCgrrl wrote:
The cost of crude is controlled by organisations like OPEC which the USA is not a member of. Now if one of the members decides to set it's own prices, drop production, etc. for internal reasons, it can and does.
