I heard about this the minute the report published. Oil has become worthless. This is truly a historic disaster. This is going to appear in school books and economy lectures some ten or fifty years from now.
Blame the Saudis. In spite of all warnings that oil demand was collapsing worldwide due to the pandemic, they spent much of last month increasing oil production in order to punish Russia for backing out of an agreement with OPEC. Their arrogance has resulted in the pumping of so much oil that nobody has a place to store it. The situation is completely ridiculous.
Remember these claims decade or two ago? About oil being so much limited, prices will skyrocket so high and people would start wars for controlling sources? I'm SO yearning to see their faces now.
iridescent_slime said:
Blame the Saudis. In spite of all warnings that oil demand was collapsing worldwide due to the pandemic, they spent much of last month increasing oil production in order to punish Russia for backing out of an agreement with OPEC. Their arrogance has resulted in the pumping of so much oil that nobody has a place to store it. The situation is completely ridiculous.
Because Russia been bullshitting Saudi? They're fed up with meddlesome deals on Russia's part and latter reaping what they're sow. Considering that Russia was and is the "World's Gas Station"(and basically most of their international profits were from diggin' natural resources), this oil price drop may cause serious troubles for all parties involved, but Russia loosing biggest.
Remember these claims decade or two ago? About oil being so much limited, prices will skyrocket so high and people would start wars for controlling sources? I'm SO yearning to see their faces now.
Then again, some wars have already been fought, if not solely for the oil, probably at least in part.
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