Steve's barking; OPEC's not run by fools.

I keep hearing that there are nations in OPEC that want to cut their oil production,
They wouldn't make anymore money if there's less oil.
The biggest expense is looking for oil, starting new wells,and one has to assume that putting wells off line is a big expense.
The losses of running an oil well can't be that great compared to fracking, and sand pits.
Did the Saudis, Iranians, the Russians and Venezuela declare bankruptcy in 2008? I didn't think so?
The question should be how much money will they lose if they reduce their oil outputs compared to losing to alternative ways of extraction energy?

Steve's barking; Oil prices are saying please help me I'm falling and I can't get up

Oil prices as of today have been falling, this despite the fact that Russia is having an economic problem due to the Ukraine. Some group of radicals have taken over the oil fields in Iraq. Saudi Arabia, well there Saudi Arabia.
Indications that the oil refineries have very little capacity to take in any more oil.
Are the Asian countries that were using oil at a record amount just a short time ago having such a down turn in their economies that they don't need that much oil. Did they build up their refineries and are taking oil on the sneak from Russia and Iraq?????
Bigger question are we producing too much oil by fracking that were on the verge of an oil bust????
Was there collusion a short time ago and a rift happened?