[thackney]

They are not putting more oil on the market than was already being supplied. They end up reducing the amount of supply because they sell less than the area originally produced.

Selling cut rate prices to a smuggler/middlemen does not lower global commodity prices. Just like the sale of stolen TV’s does not affect the price of TVs at Best Buy.

ISIS actions will give pressure to raise the price of oil on the global market, not lower it.

[mountainlion]

OPEC has lowered crude prices to put fracking in a bind. Demand was down so with the lower prices everyone built up their supplies. The radio said that US facilities were almost full and they expected prices to collapse. If ISIS continue to flood the market prices should not go up. If OPEC raises prices ISIS and Iraq will gain market share and keep prices form raising much. Unknown future events will be the wild card for prices. War with Israel would probably skyrocket prices.