A few weeks ago, the Opec oil cartel met in Lima, Peru, to discuss the future of oil markets.
Opec, the largest producer of oil in the world, has struggled to make any significant progress in its efforts to reform the market, but at the meeting it agreed to reduce the amount of crude produced to around 30% of its current level by 2040, from the current levels of 60%.
In theory, that should make oil prices more competitive, and in practice it seems to have had the opposite effect.
While crude prices are down more than 50% from their peak in December 2014, they are up nearly 70% since 2014, meaning oil producers have seen their costs go up and their profits shrink.
The world’s largest oil producer has seen its revenues fall by 40% since 2015, and oil producers in North America and Europe are losing money on their production.
The cartel, which has been at odds with each other for years, agreed to a three-year moratorium on new crude oil production, a change that has seen prices crash in recent months.
The Opec leaders are also expected to propose new production caps on oil fields and pipelines, and have agreed to take the necessary steps to ensure that the cartel does not create new markets for its members to exploit.
The US and Russia have long argued that the US, OPEC, and Russia are cartel members that have a monopoly on the supply of oil, which means that the prices that they charge can be the lowest in the international market.
However, oil markets have changed in recent years, as more nations have started producing oil, and a number of countries have joined the cartel.
Oceans, oceans, oceans and more oceans.
Oil and gas producers are concerned that this change will lead to a collapse of the global oil market, which is dominated by the US.
If OPEC can’t cut the prices of oil and gas that it exports, then what’s the point of the entire global oil industry?
This is the issue that has been discussed and debated for years.
What we’re seeing now is the emergence of a new industry, one that is largely dominated by a single market that can’t be changed, a market that has no incentive to diversify its production.
There is an argument to be made that this industry is the result of a change in oil prices that occurred during the global financial crisis.
The rise in global oil prices was fueled by the collapse of oil prices in Europe, as countries with more expensive oil resources saw their prices fall.
As the prices fell, so too did the profits of the oil companies.
It is easy to see why this could happen.
When oil prices fall, the cost of producing oil increases, which lowers the amount that companies can sell at a time when they have to pay for more production, and as a result, producers lose money.
The same thing happened when the price of crude oil started to fall, which meant that the price for many of the world’s producers, including North America, dropped, and this pushed the rest of the planet out of the business of producing anything but crude oil.
However in reality, this happened long before the current oil price drop, and the only way that the industry could recover was if oil prices recovered.
The end of the Cold War The idea that OPEC, or the US or Russia, would ever allow the price to fall further is not a given.
The OPEC cartel has long been the world leader in oil production and has been able to continue to provide a reliable supply of petroleum to the global market without significant changes in supply.
In recent years though, the US has been pushing the cartel to find a way to diversified its oil supply, and to do so it has cut the price by 40%, making it impossible for any of the other major producers to continue making any profit.
The fact that OPEC is not able to diversitate its supply has created a huge hole in the global economy, as it has had to take on huge debts to buy up oil fields that would otherwise have been owned by other oil producers.
This is what has led to the current economic crisis, which we are seeing in the financial markets right now.
The United States has also been trying to sell off its oil fields in an effort to help it recover from the financial crisis, but its efforts have been very limited.
The European Union is currently trying to cut its debt to oil companies by about 50%, but that effort has been met with criticism.
This has led the European Union to make some important changes to its financial rules that are allowing it to sell its oil assets to other countries, including the United States.
These changes are being seen as a good thing, but many economists and analysts are concerned about the long-term impact of these moves, as well as the effects on the global energy system.
In the US the economic downturn has been particularly bad for oil producers, as oil prices have plummeted by more than 40% from a peak of $140 a barrel in December of 2014 to $48.