Are Opec just being greedy in cutting back production?
It would be too simplistic to call it greed. OPEC are following natural business instincts by reducing supply when price falls – after all this is a fundamental in economics. Many oil operations will be unprofitable and therefore unviable at these low levels of oil price, so it makes sense to lower supply. It is also in the interests of conservation of this non-renewable resource to lower supply, since this will raise prices, and provide an incentive to minimise over-consumption & waste, seek oil substitutes, as well as making other, renewable energy developments more profitable, and therefore more viable.
