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OPEC should be cashing in on the market. $100 per barrel is well above Saudi Arabia's $~70 or so per barrel needed to sustain their social programs.
by theandrewbailey 5y ago
OPEC should be cashing in on the market. $100 per barrel is well above Saudi Arabia's $~70 or so per barrel needed to sustain their social programs.
- thehappypm 5y agoLiterally billions upon billions of free money.
- aliyfarah 5y agoOPEC oil ministers know that very high oil prices (120+) is against their interest as it will effect long term demand and accelerate decarbonisation efforts.
- missedthecue 5y agoWhat's the most effective price point for them then?
- londons_explore 5y agoIf they knew that, they'd price-fix the oil to be exactly that all the time.
- mywittyname 5y agoI read somewhere that they agreed to cut production for two years in response to the pandemic decimating the oil industry.
- mythopedia 5y agoYes, and that agreement is set to 'expire' next month. "Starting in May 2020, the OPEC+ agreement called for a decrease in crude oil output by an initial 9.7 million barrels per day (b/d) that gradually tapers through April 2022, the end of the current agreement period."[0] [0] https://www.eia.gov/todayinenergy/detail.php?id=45236 https://www.eia.gov/todayinenergy/detail.php?id=45236
- xony 5y ago