World oil industry can’t stand another price collapse, Venezuela’s President Nicolas Maduro said, according to the message posted on the website of Venezuelan Ministry of the People's Power of Petroleum and Mining.| I think the US oil industry can handle it just fine. We'll cap off some of the wells drilled in the last couple years and wait. How long can you wait, Mr. Maduro? |
Last year, more than 50,000 oil workers were fired across the world, added Venezuelan president.
He warned that if the prices collapse again, there could be massive bankruptcy of companies, starting with transnational companies.
| Don't worry, all your companies are going bankrupt anyway -- the ones you haven't seized, that is... |
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016. Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
| Not a single US or Canadian fracker agreed, you'll notice... |