What is the best price for oil?
High enough to encourage exploration and production. Low enough to economically encourage/allow consumption.
Expert is a 6 letter word meaning someone that anyone will listen to.
I think they’re afraid to cut production because they know other members will cheat. If oil prices did not go back up as a result of SA production cuts, OPEC would lose its power to manipulate world prices. They can’t let that happen.
I believe the 0Tard Admin secretly convinced his buddies, the Saudis, to tank the oil markets to put maximum pain and pressure on Putin. The Saudis liked this, because it also harms Iran, and they don’t care for the Russians either. An added benefit is it harms domestic oil production/exploration here, which the lefty enviro-wackos just hate. The Saudis obviously don’t like our domestic oil production either. It’s a win-win for the Saudis and 0bama.
This is causing dominos to fall all over the place. The Ruble is crashing, and the Russian economy is under great pressure. Putin’s talk yesterday sounded like he was laying the groundwork for potential hostilities. He could gut off the gas to Europe. The Iranians might just decide to go after the Saudi/Kuwait/Iraq oil fields in the Middle East, if they come under too much pressure from the low oil prices and sanctions. China might try to get in on this as well.
There’s alot of things at work here, and we could be seeing a setup for a world war.
God Help us!
later
I don’t see how Iran’s development of the ability to nuke Saudi Arabia and put them out of production [the author’s apparent point] is significantly affected by current oil prices.
The supply and price of oil, like everything else, is set by the “min-max equation”. Generally that equation says sell more at a low price (profit) or sell less at a high price (profit).
If Russia wants to drive oil prices back up, they need to start a war in the Middle East.
Now that should scare us. Russia could choke supply in the ME simply by fomenting all out war and cutting off shipping lines.
In man’s nature there is a drive to oppress others, be they truly alien or his own women. Perhaps the true measure of his power is how openly he can indulge in this.
From the sci-fi book “In Conquest Born”