Democrats Tax Everything! + 1 December 18, 2018 (edited) OPEC+ needs to cut more. Their 1.2 million bbl/day cut is not enough to do anything because Russia and Frackers are producing too much. 1.2 million bbl/day cut shows how weak OPEC+ really is. Russia makes no sense in having little interest in cutting production. Prices dropping $10/bbl means they lose $110+ million/day in revenues. If they cut more and prices rise they gain $110+ million/day for every $10/bbl increase. Oil will remain weak from now on because of EV's, overproduction by Frackers, Russians, OPEC, others. Trump faked out OPEC on Iran. Weak demand, oversupply will make oil weak from now on. EV's are ramping up. Frackers breakeven ranges from $30/bbl to $50/bbl so they will keep producing more until the price drops below $30/bbl. The oil industry will die a slow death. Edited December 18, 2018 by Democrats Tax Everything! Quote Share this post Link to post Share on other sites
Justin Hicks + 162 JH December 18, 2018 OPEC won't cut further, investors will easily curtail production as 90% of companies play with other people's money. We'll be fine. Quote Share this post Link to post Share on other sites
Tom Kirkman + 8,860 December 19, 2018 7 hours ago, Democrats Tax Everything! said: The oil industry will die a slow death. 2 Quote Share this post Link to post Share on other sites