Oil Price: a crash of this magnitude leaves the OPEC+ in a slippery lurch before the next meeting!

[hemanthaa@mail.com + 64]

The unexpected crash of the oil price on Friday has left the OPEC+ - as well as the bankers who saw the price hitting $100 shortly - in a difficult position, both politically and economically. It's interesting to see how they try to wriggle out of it next week with a tricky balancing act.

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Edited November 27, 2021 by hemanthaa@mail.com
typo

[Starschy + 211]

A price drop of 10% is completely normal. OPEC Countries have costs below 15 USD. There is enough margin to live quite well.

[wrs + 893]

On 11/27/2021 at 11:21 AM, Starschy said:

A price drop of 10% is completely normal. OPEC Countries have costs below 15 USD. There is enough margin to live quite well.

Only their oldest fields are that cheap.  Newer oil is more expensive because drilling and development costs are much higher today than when those older fields were first developed.  The nonsense being pushed about those low costs also doesn't include the expense of running the state that supports the oil flows.  

Edited November 29, 2021 by wrs