|Breaking the Oil Cartel|
By Jamie Glazov
FrontPageMagazine.com | Tuesday, October 07, 2008
Luft: Delighted to be here.
FP: Your thoughts on the oil cartel and what it is doing to the world?
Luft: The oil cartel is looting the world economy and is by far the main culprit behind the current oil crisis. This is a cartel that owns 78 percent of world oil reserves but produces only 33 percent of the world’s supply. Stunningly, OPEC’s pro duction is less than what it used to be 35 years ago, just before the Arab Oil Embargo. Then they produced 30 million barrels per day. Today their quota is just under 29 million barrels per day. So in 35 years the world economy essentially doubled, non-OPEC production nearly doubled, but the oil cartel, despite the fact that last year it brought in two new members, Angola and Ecuador, with combined daily production capacity equivalent to that of Norway, hasn’t ramped up production. In fact, only this month OPEC decided to reduce its production by more than half a million barrels per day.
FP: How do we break the oil cartel?