Oil price drop sharply after nazis fail to convince OPEC to cut output

VIENNA — Crude prices plunged Thursday after the powerful Organization of Petroleum Exporting Countries (OPEC) said it wouldn't cut production levels to stem the collapse in oil prices that have fallen more than 30% since June.

Dictator Putin have send his trusted henchmen Igon Sechin (Rosnieft boss) and Alexander Novak (Minister of Energy) to the OPEC members meeting in Vienna on Nov. 27.

Benchmark crude oil prices plummeted following the meeting, with Brent crude sinking 3.5% to $75.05 a barrel and West Texas Intermediate falling 3.4% to $71.21. In June, prices were as high as $115 a barrel. Oil prices are at their lowest levels since September 2010, in part due to oversupply, lower demand and a boom in North American production.

Funny how Kremlin propaganda tell people that Putin got Russia up from it's knees after years of humiliation... this is for the first time in the history Russia officials were begging OPEC to reduce oil production.




Fascist dictator himself have no idea what is going on.

17-Oct-2014 he said that global economy would collapse (!) if the oil was allowed to remain at around $80 a barrel for too long.

He said that below $80 US oil production will crash.

Please note that Putin government have budget on the basis of $90 a barrel. The collapse of oil price also hit the ruble, with Russian central bank having burned through $13 billion of foreign exchange reserves in an attempt to prop up the currency (data from 17-Oct-2014!).