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> I guess that manipulating oil price to hurt Russia and Venezuelan, also took a bite of Saudis wallet. Not really; Saudi Arabia has the highest quality and ch
by wayoutthere 7y ago
> I guess that manipulating oil price to hurt Russia and Venezuelan, also took a bite of Saudis wallet.
Not really; Saudi Arabia has the highest quality and cheapest to extract oil sources in the world. They absolutely can afford to manipulate oil prices because they know with absolute certainty that their operational costs will be lower than other countries.
They have trillions of dollars invested globally. Problem is that equity is turning into a suckers' game and they want shareholders to be left holding the bag now that green energy is about to kneecap the oil industry. No thanks!
- dahdum 7y agoThey can’t afford to manipulate the market effectively, they may have the lowest production costs but they’ve already spent / allocated the profits.
- babayega2 7y agoIndeed. That idea that they can manipulate the market easily is based on some data they have only access. I forgot a paper I saw one month ago speculating on the true capacity of SA production... The 11 billion baril per day is not a truly verified number. Beside, Aramco "is thought" to be financing all the rich life of the more than 4k princes in SA. So imagine the finances and budgeting of Aramco. It's though to be a hellish of...
- skeptical900067 7y agoCan anyone help me out in understanding how green energy is going to kneecap oil? I know the costs have gone down some, but iirc total oil energy produced/consumed is still orders of magnitude higher. Additionally, the margins on oil are still wide enough to absorb a lot of competition from wind, geothermal and solar.