Since the US is now starting shit with Iran. And Syria changing Regimes. Also the Saudis quietelly back the US attack on Iran, and Russia still in a stalemate situation. What is OPEC going to do?

Comments

• neidu3@sh.itjust.works ⁨8⁩ ⁨hours⁩ ago

  Fuckall. Iran isn’t in a position to do mych of anything, and the rest prefer stability and even benefit from a potential rise in crude prices.

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  • nickelodeon@lemmy.world ⁨7⁩ ⁨hours⁩ ago

    I’d be shocked if you end up wrong because this is a pretty accurate assessment of the situation currently.

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  • FurryMemesAccount@lemmy.blahaj.zone ⁨4⁩ ⁨hours⁩ ago

    Also renewables are really cheap these days.

    If oil prices spike too much, more things will transition, leading to more long-term oil sale losses. They can’t afford to hike prices too much.

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• Proprietary_Blend@lemmy.world ⁨6⁩ ⁨hours⁩ ago

  The hokey pokey

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• blueduck@piefed.social ⁨6⁩ ⁨hours⁩ ago

  OPEC+ already announced an increase in production to keep prices down.

  Close of Friday was $60/barrel. Futures markets have them at $69 late on Sunday.

  I doubt we’ll see anything in the $100 range. Too much cheap shale oil from the US and heavy, dirty crude from Venezuela having a market in the gulf should absorb major supply side shocks

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• zxqwas@lemmy.world ⁨6⁩ ⁨hours⁩ ago

  What can they do? US is a net exporter of crude since they figured out fracking.

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