Oil Futures are down again this Monday morning after the newest reports show that the US has deployed 6 more drilling platforms, while OPEC continues record output.
Countries who rely on oil exports for a significant amount of tax revenue have been pummelled; Canada is struggling to keep its promise of a balanced budget, Norway is calling $50 “Worse than the global financial crisis“, Russia is slashing social programs to make up the shortfall, and OPEC countries have been burning through cash reseserves at a record rate.
However, even with all the doom and gloom, no one is looking to start cutting back supply, even as global demand looks to be weakening with the end of the Summer. OPEC is scheduled to meet in December, but many members are already pushing for an earlier meeting to discuss pulling back to raise prices.
The United States is also not immune; oil producers make up a large share of the energy sector, which historically has been one of several pillars retirement accounts have rested on. Weakening oil could mean bad news for millions of pensioners, depending on how nimble their money managers have been at addressing the price collapse.
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