Oil prices continue to reel from a seemingly concerted effort by OPEC to talk the price of oil down. It seems like every day, one or another OPEC member talks about waiting out the market and questioning the need to cut production. In Mad magazine fashion, the commentary is one of, “what me, worry?” The Kuwait oil minister said the wait-and-see approach could take a year, counseling that the ultimate stability that comes to the market will be a benefit to everyone. The oil market has also ignored rising tensions in Libya that have curtailed production and a strike in Nigeria that should also effect a production cutback.
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