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The Saudis were hoping to hurt: * US shale oil producers * Iran * Russia * Clean energy Roughly in that order. Part of the reason why they did this was becau
by crdoconnor 11y ago
The Saudis were hoping to hurt:
* US shale oil producers
* Iran
* Russia
* Clean energy
Roughly in that order.
Part of the reason why they did this was because there was a laundry list of groups Saudi could easily punish by dropping the price of oil.
- dibujante 11y agoDon't forget the Canadian tar sands - their price point is a bit higher than US shale oil but the reserves are pretty large.
- toomuchtodo 11y agoCanadian tar sands aren't profitable below $80-100/barrel. I don't think they'll ever be started back up again.
- dibujante 11y agoTar sands oil is break-even at CAD57/barrel... which is presently USD40/barrel. Pretty low, but not low enough, Canada! Knocking the CAD:USD down to 2:1 might make it break-even profitable again.
- crdoconnor 11y agoIIRC That's their marginal cost of production, not breakeven. They'd still be running massive losses at that price and would have to default on their debts.