OPEC loses control of oil Market

While American’s were celebrating their Thanks Giving last month, OPEC was meeting in Vienna figuring out a way to derail the US latest oil boom of unconventional drilling. Led by Saudi Arabia, the OPEC plan was to not cut oil production and this would then squeeze the US out the market. What is actually happening, the market has taken control of the price and is putting the squeeze on many OPEC nations that cannot operate at a $60 cost iStock_000012572734Mediumper barrel. The large US supplies have no intention of slowing down production as they tired of OPEC dictating their future. Now OPEC finds it’s self for the first time not controlling the market. This is music to the US oil producers, as we’ll see in the new year OPEC backing off and oil prices bouncing back to the $75 – $85 a barrel in mid-2015.