Since the US is now starting shit with Iran. And Syria changing Regimes. Also the Saudis quietelly back the US attack on Iran, and Russia still in a stalemate situation. What is OPEC going to do?
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
It's all part of the script the Jesuits wrote for the third World War (which we were in since at least 2023, if not earlier).
I talked about this in two other posts, but this is the third spirit unto frogs, with demons doing signs to deceive those who should not understand Bible prophecy. This is in the 6th vial of Revelation 16.
9 Comments
neidu3@sh.itjust.works · 12 pts · 177d
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.
FurryMemesAccount@lemmy.blahaj.zone · 6 pts · 177d
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.
nickelodeon@lemmy.world · 5 pts · 177d
I’d be shocked if you end up wrong because this is a pretty accurate assessment of the situation currently.
Maeve@kbin.earth · 7 pts · 177d
Line will go up, up, and farther up.
ryannathans@aussie.zone · 1 pts · 177d
Put oil prices up
blueduck@piefed.social · 1 pts · 177d
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
zxqwas@lemmy.world · 1 pts · 177d
What can they do? US is a net exporter of crude since they figured out fracking.
Proprietary_Blend@lemmy.world · 1 pts · 177d
The hokey pokey
Ryoae@piefed.social · 1 pts · 176d
msokiovt@lemmy.today · -3 pts · 176d
It's all part of the script the Jesuits wrote for the third World War (which we were in since at least 2023, if not earlier).
I talked about this in two other posts, but this is the third spirit unto frogs, with demons doing signs to deceive those who should not understand Bible prophecy. This is in the 6th vial of Revelation 16.