Some members, led by Iran, pushed for an aggressive cut in production. Their aim is to stop the precipitous slide in prices that risks putting a big dent in their government revenues and jeopardizes their increasingly large social spending programs.(bold added)
Social Spending Programs? Is that what they call them now?
Still, the general take on all this is that the slide in oil futures prices won't stop even with this "cut". The Saudis are still filling the market with 300,000 bpd or more over quota, the economic slowdown has the market a-fear'n, and demand declines in developed economies (and those economies that export heavily to the developed economies) all point to a floor below $50 per barrel even after this cut.
This is good news for almost everyone, and bad news for some very deserving folks.
3 comments:
Social Spending Programs
Sure, and military services are national social clubs. You join up, meet people, bond with them...
....and die by them
(offtopic) I could do with a little less socializing, then.
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