Oil price reductions should not make us too complacent

OPEC, Organization of Petroleum Exporting Countries, decided last week not to reduce oil production. This means, in a world of supply and demand, falling prices. Why such decision was made? It can be assumed that the decision, in part, was made to reduce the profitability of gas production from gas shale in the US and to “put to sleep” the Americans in their bid to become energy self-productive. In Israel, as well, one cannot ignore the need to become more energy efficient and promote more renewable energy into the market.