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OPEC Wants Help

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On Tuesday, October 10 (yes, I know, that's a while back -- this is a philosophy blog, not your daily news, bro) The Secretary General of the Organization of Petroleum Exporting Countries asked for help from US based shale producers.

The SG in question is Mohammed Barkindo, and he is about 1 year into a 3 year term in that post.

He's a western educated fellow, with a degree from Southwestern University in Washington DC who did PhD work at Oxford.  On petroleum economics, natch. I'd love to see a copy of his doctoral dissertation. It may be available on line, but I'm too indolent to go searching for it right now.

But: what about shale producers? These are the infamous "frackers," folks.Here's what Reuters has to say:  http://www.reuters.com/article/us-india-energy/opec-secretary-general-urges-u-s-shale-oil-producers-to-help-cap-global-supply-idUSKBN1CF0C4

He wants the frackers to cut back production because OPEC is doing so, and all producers of the stuff have to be in this together for the price fixing to work. Well, not literally all. If those who are outside of the 'club' are in no good position to scale up, then the threat they pose to the club of price fixers can be surmounted.

But ... frackers HAVE been scaling up, and the club's SG is worried.

Good going guys.


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