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Near as I can tell, the oil industry has been a series of boom/bust cycles since the '20s. OPEC has always been this way as well, it's always been a gentleman's
by narrowrail 9y ago
Near as I can tell, the oil industry has been a series of boom/bust cycles since the '20s. OPEC has always been this way as well, it's always been a gentleman's agreement of sorts, not to mention the sanctioned countries operating outside of the open market. It's also important to note that "oil" varies quite a bit in its composition and the process to refine oil of different qualities requires significant refinery (re)configurations.
- protomyth 9y agoTrue, Saudi & ND / TX shale oil are high quality where Canada's oil sands and Venezuela are not. Although it is very cheap for SA to produce oil, shale is getting cheaper (which has made the oil sands less desirable). The recent OPEC agreement to limit oil just doesn't seem to be working.