3 ms·
I don't understand the "they need the money argument". They were producing 9 million barrels per day and that achieved a price of $100 per barrel... now they ar
by andys627 11y ago
I don't understand the "they need the money argument". They were producing 9 million barrels per day and that achieved a price of $100 per barrel... now they are producing 10.5 million barrels per day and price is <$30 per barrel.
- celticninja 11y agoother nations have increased supply whilst demand has fallen at the same time, therefore to sell the extra oil being produced prices have to fall.
- simonz05 11y agoIf the future outlook for oil prices are lower than what they sell at today — it makes sense to produce as much as you can today.