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Saturday, January 10, 2015

It's war of a different kind and a big game of chicken. Don't be afraid. We can win this one and toss off the bondage of OPEC. Thank you frackers.

If there ever was doubt about the strategy of the Organization of Petroleum Exporting Countries, its wealthiest members are putting that issue to rest.
Representatives of Saudi Arabia, the United Arab Emirates and Kuwaitstressed a dozen times in the past six weeks that the group won’t curb output to halt the biggest drop in crude since 2008. Qatar’s estimate for the global oversupply is among the biggest of any producing country. These countries actually want -- and are achieving -- further price declines as part of an attempt to hasten cutbacks by U.S. shale drillers, according to Barclays Plc and Commerzbank AG.