This is how it looks when you cut your oil output thinking that it will lead to oil price spike in the next few days, and instead oil price nosedive without control. And instead of admitting that your strategy is not working, you get pissed off and you promise to cuts even more oil output and do whatever it takes to bring prices up.
Well, this picture is for UAE Energy Minister Suhail al-Mazrouei who made comments last weekend in response to the sharp fall in oil price despite the cut agreed by OPEC and its partners during its meeting early this month.
Al-Mazrouei said that OPEC and its partners are ready to hold an extraordinary meeting, and basically the cartel and its partners will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year.
I wonder when will these people realize that their output cut strategy is not working. Get over it, and let the market do its job, instead of pretending that you still have the upper hand.
