OPEC again revised down its estimate for world crude demand on Wednesday, saying a "devasting contraction" in consumption would keep prices under pressure in the months ahead.
It said "vigilant monitoring is essential" ahead of the cartel's next meeting at the end of May at which some members are expected to push for further output cuts to help support prices.
"World oil demand is already out of its high demand seasonality achieving nothing but devastating contraction," OPEC said.
Devastaing contraction?...decreasing prices?...less power and control for Middle Eastern tyrants?...World oil demand is out of its high?...pardon me if I can't extrapolate all of these economic models and differential equations on supply chain economics in oil vs non oil commodities, but it seems like to me that of the countries that make up OPEC, namely, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, I couldn't pick out one country that wants to see America thriving. We have positioned ourselves throughout the world by joining organizations that hate us and our way of life (UN, OPEC). Why do we need these people or groups one would ask? Well, I'm asking too. Why?
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