World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Group
How the decision to not cut OPEC oil production was reached at the November 2014 Vienna meeting
12/04/2014
The decision leads to a drop in oil prices below $70 for Brent crude by Dec. 2014. A decision by Russia and Rosneft not to cut production, along with cuts by Mexico and the OPEC countries including Venezuela, leads to dropping of a Venezuelan proposal for oil production cuts. This turns out to have been a strategic mistake for Russia as the oil price drops accelerated a decline in the value of the ruble, aggravating a situation made difficult by western sanctions limiting capital access on global capital markets, capital flight, and higher inflation. The decision was presented as a Saudi effort to gain market share in the U.S. which had fallen sharply with increased shale oil production. By taking the Venezuelan proposal into consideration the Saudis maintained OPEC unity, while leaving open the possibility of reevaluating the decision in 2015 after observing the movement in oil price and supplies. The move hurts Iran, Russia and Venezuela which face severe economic constraints. It benefits India which faced severe energy import difficulties.
Grouped Articles
Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
Wall Street Journal 12.04.2014
Oil Prices Plunge With Brent Crude Below $60
Wall Street Journal 12.16.2014
Why Saudis Decided Not to Prop Up Oil
Wall Street Journal 12.22.2014
Saudi Arabia Vows to Ride Out Oil Price Slump
New York Times 12.21.2014
Oil’s Swift Fall Raises Fortunes of U.S. Abroad
New York Times 12.24.2014
New King in Saudi Arabia Unlikely to Alter Oil Policy
New York Times 01.23.2015
Ruble’s Fall Tests Governor of Russia’s Central Bank
New York Times 02.09.2015
Changing Course, Russia Will Sell Rubles Instead of Buying
New York Times 05.14.2015
OPEC’s Pricing Leverage Is Weakening
Wall Street Journal 06.01.2015
OPEC’s Oil Output Strategy Seen Potentially Backfiring
Wall Street Journal 11.10.2015
Saudi Arabia Keeps Pumping Oil, Despite Financial and Political Risks
New York Times 01.27.2016
Saudi Oil Output Sets Record Despite Global Glut
WSJ 08.10.2016
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us