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Cheap oil is the result of many factors. America and other new production is one of them. Saudi response to that price drop led to further price drops. It's loo
by mathgeek 11y ago
Cheap oil is the result of many factors. America and other new production is one of them. Saudi response to that price drop led to further price drops. It's looking more and more like the Saudi plan will end up backfiring, as they can only bankroll the losses for so long.
- revelation 11y agoAnd of course the losses cause just more oil production, as they turned OPEC into a zero-sum game where nobody trusts anybody else. No good stopping your production and eating the massive, massive loss when your "partner" will ramp up and get your share.