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Earlier in the day, the members of OPEC declined to raise or lower its production.
OPEC president Chakib Khelil of Algeria said the world's oil market is being affected by "the mismanagement of the U.S. economy."
"If the prices are high, definitely they are not due to a lack of crude. They are due to what's happening in the U.S.," Khelil said at a meeting of oil ministers in Vienna. "There is sufficient supply. There's plenty of oil there."
Venezuela has suspended oil exports to Exxon, escalating the country's fight with the U.S. oil firm over compensation for an nationalised oil project. Venezuela has also threatened to cut exports to the United States.
Oil: Draining Canada
Even though the Canadian economy is no less dependent on hydrocarbon energy than ours, Canada has been drilling as many wells as necessary to keep the high-maintenance American economy humming. If this pedal-to-the-metal production policy were applied to a non-strategic product like, say, maple syrup, few people would care about the consequences. But there is nothing on the horizon to replace the nonrenewable high-density energy sources that Canada so generously sends our way.
Originally posted by Equinox99
Canada can't supply the world. OPEC does not want to make more oil then it does. I don't know why...maybe the sanctions on Iran....maybe the hate that Venezuela has for the US I don't know. It could be a combination of both.
Originally posted by marg6043
The OPEC as vor78 mention, is the one to be looking into for the oil hike and the prices of gas.