World on brink of an oil price war – Business – NZ Herald News

A possible repeat of the 1970s heading our way.

“A secretive group of the worlds most powerful oil ministers will soon gather in Vienna to take arguably one of the most important decisions that could affect the still fragile world economy: whether to cut production of crude to defend prices at US$100 per barrel, or keep open the spigots as winter looms among the biggest energy-consuming nations.A sudden slump in the price of crude has exposed deep divisions within the Organisation of Petroleum Exporting Countries Opec ahead of its final scheduled meeting of the year next month to decide on how much oil to pump.Some members, led by Iran, have called for immediate action to stem the drop in oil prices, while the Arab sheikhdoms of the Gulf have so far argued that it could be another three months before it becomes clear whether the group should cut production for the first time since December 2008. Whatever they decide, oil remains the lifeblood of the global economic system due to its direct impact on inflation and input prices….”

via World on brink of an oil price war – Business – NZ Herald News.

Author: Makere

A Maori/Scots New Zealander transplanted to Canada. Grandmother, academic, indigenous scholar, sometime singer, sometime activist, who cares passionately about our world.