Go figure: OPEC+ just announced a larger production increase on a day that oil prices are down almost 6%. #economy #oil #markets - ThreadSky

elerianm.bsky.social • 5 days ago

Go figure: OPEC+ just announced a larger production increase on a day that oil prices are down almost 6%.

#economy #oil #markets

Comments

haplo1978.bsky.social•5 days ago

Another attempt to crush shale producers?

mainengineer.bsky.social•5 days ago

I’m sure it’s all part of the 5D chess game to crush Russia’s economy.

mainengineer.bsky.social•5 days ago

The above comment is a joke.

But @delfoo.bsky.social, what do you think the impact of this is?

delfoo.bsky.social•5 days ago

Not my field but if you think cuts aren't going to raise prices anymore and you need revenue you increase production.

mainengineer.bsky.social•5 days ago

Even though it’s not your field, I appreciate the feedback.

But, wouldn’t increases in production possibly drive costs down further?

Chris Weafer on @dmitri.silverado.org’s podcast said that if Urals hit $50/barrel, Russia’s economy collapses… (it’s $65 right now).

delfoo.bsky.social•5 days ago

Erh that goes into splitting the oil and gas revenue from the non oil and gas revenue and then splitting the second to taxes and dividends from oil and gas companies and others. I would probably go with a somewhat lower figure than 50 depending on how much investment oil and gas companies cut.