"I'm frustrated with OPEC... Why wouldn't they cut? What about the other countries producing the other 60% of the worlds oil? Why do they continually rely on OPEC to do their bidding? Canada has been offered membership in OPEC but we'd never consider it... we're too high and mighty for that... all great except that most of Canada's reserves are not viable under $60 barrel. So rather than help maintain a balance in the oil supply, Canada would rather cling to someone else coat tails and then waste millions in investment as world supply overwhelms demand."

why wouldn't they cut... let's see...

if i were in an ultra competitive world and i wanted to take someone in the same industry out, i would overwhelm them with supply and put them out of business.

this is effectively what the united states did to russia back in the 80s-90s. they talked some people who talked to some people who pumped out a lot of oil.

the result? the soviet union collapses.

opec does not need a competitor just yet. they'd rather see alternative energy projects shelved for a bit while they get they're economies diversified....

and we all know how long it takes to get these various oil and gas projects started up once they're shut down...