The Oil Price Is Now Controlled by Just Three Men

Re:The Oil Price Is Now Controlled by Just Three Men by abhinai on Sunday November 18, 2018 @03:15PM (#18482294)

Am I the only one that finds the title of this article a little bit misleading? These three men represent giant organizations, are responsible to several interests and do not really "control" oil prices in the sense of "fixing" the price.

[ Parent | on HN ]

Re:The Oil Price Is Now Controlled by Just Three Men by danpalmer on Sunday November 18, 2018 @03:38PM (#18482406)

Bloomberg gives bonuses to journalists based on the amount their articles move the market, so it’s not that surprising unfortunately.

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Re:The Oil Price Is Now Controlled by Just Three Men by bad_news_bears on Sunday November 18, 2018 @03:47PM (#18482453)

Wait, what? Could you elaborate on this?

[ Parent | on HN ]

Re:The Oil Price Is Now Controlled by Just Three Men by sixhobbits on Sunday November 18, 2018 @04:17PM (#18482588)

This kind of thing[0]. There are previous discussion threads on HN too.

[0] https://www.businessinsider.com/bloomberg-reporters-compensa...

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Re:The Oil Price Is Now Controlled by Just Three Men by tomcam on Monday November 19, 2018 @04:13AM (#18485057)

  Stunning. I must admit that I am impressed by their candor.

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Re:The Oil Price Is Now Controlled by Just Three Men by dogpuncher on Sunday November 18, 2018 @09:31PM (#18483800)

There's a fair whack of poetic license in the headline, but isn't there always?

The idea that you can get a meaningful take on a story just from the title seems a bit lazy to me.

I reckon, having read the article, that the headline is reasonable.

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Re:The Oil Price Is Now Controlled by Just Three Men by onetimemanytime on Sunday November 18, 2018 @03:31PM (#18482371)

Putin is in almost absolute control of Russia. Sure, an oligarch or a powerful faction may rebel but Putin has other ways of making them whole.

Do we even doubt that Salman is the absolute ruler of SA?

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Re:The Oil Price Is Now Controlled by Just Three Men by jpatokal on Sunday November 18, 2018 @03:35PM (#18482391)

That's not what the previous poster was referring to. "Controlled by Just Three Men" sounds like there's a smoky back room where Joe, Bob and Fred meet weekly to collude on oil pricing. Instead the three men are heads of nation states, each of whom can certainly influence the oil price, but they're not cooperating to fix it.

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Re:The Oil Price Is Now Controlled by Just Three Men by onetimemanytime on Sunday November 18, 2018 @04:04PM (#18482527)

We're going back and forth, but yeah, Trump can increase production with a phone call. Maybe threaten or promise a favor to SA. A $500 per bbl is not good for OPEC long term, so there's a lot more than let's just increase the price.

Even in USA with the three branches, the US President has a LOT of power and if he promises to pass a bill, he has a lot of lever$ he can use to assure the votes are there.

So, yeah, these three men can control the oil price if their interests align.

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Re:The Oil Price Is Now Controlled by Just Three Men by buboard on Sunday November 18, 2018 @03:34PM (#18482385)

If anything he is by far the weakest of the three. Can't imagine him beginning a veritable price war with the US (or russia) and not ending up inside suitcases.

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Re:The Oil Price Is Now Controlled by Just Three Men by onetimemanytime on Sunday November 18, 2018 @03:37PM (#18482399)

Inside his country he is not. Putin has to answer to a lot of ex-KGB and to his people up to a point. Salman doesn't care, he can borrow that much and not blink twice.

USA doesn't have many options with SA. Oil will be needed maybe for another 20-30 years, plus Israel needs an ally over there.

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Re:The Oil Price Is Now Controlled by Just Three Men by abhinai on Sunday November 18, 2018 @03:37PM (#18482402)

Neither Putin, nor Saudi king can do "absolutely whatsoever" they want on a whim. They represent huge organizations and still have to keep several people/interest groups happy.

[ Parent | on HN ]