Post
Topic
Board Economics
Re: Saudi Arabia and OPEC Reveal Surprise Oil Production Cut
by
Bttzed03
on 06/04/2023, 02:41:27 UTC
~ Are the US authorities no longer in control of the world situation?
At least that's what we're starting to see. This is probably their response to US and its allies when they didn't listen to OPEC's suggestion not to impose sanctions on Russia because it could create a supply shock ("they don't listen, we shouldn't listen"). Add to that the recent move by China to broker a peace deal between Iran and Saudi Arabia.

~
I find it hillarious when I read: OPEC Members don't want crude oil below XXX price. Like they could chose Cheesy
Markets might teach them a lesson sooner than later.
Well, there's still a high demand for oil and they can control the supply. What do you think is their production volume per year when combined? It's more than half of US. With more sanctions imposed on Russian oil, OPEC are in a better position to dictate now.