Fuckall. Iran isn’t in a position to do much of anything, and the rest prefer stability and even benefit from a potential rise in crude prices.
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.
I’d be shocked if you end up wrong because this is a pretty accurate assessment of the situation currently.
Line will go up, up, and farther up.
The hokey pokey
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
Edit 00:04 UTC
Early market moves in East Asian are seeing +8% from Friday’s close at $72 and $79 (different oil grades). But this might be overreaction in the east as we wait to see what happens when the Middle East wakes up. It’s still 3AM in Riyadh, so it’s slow news coming out of Saudi Arabia
What can they do? US is a net exporter of crude since they figured out fracking.
Put oil prices up
