Oil plunges as much as 17% as UAE says support output hike

Re:Oil plunges as much as 17% as UAE says support output hike by theandrewbailey on Wednesday March 09, 2022 @03:01PM (#30619269)

OPEC should be cashing in on the market. $100 per barrel is well above Saudi Arabia's $~70 or so per barrel needed to sustain their social programs.

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Re:Oil plunges as much as 17% as UAE says support output hike by aliyfarah on Wednesday March 09, 2022 @04:02PM (#30619905)

OPEC oil ministers know that very high oil prices (120+) is against their interest as it will effect long term demand and accelerate decarbonisation efforts.

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Re:Oil plunges as much as 17% as UAE says support output hike by missedthecue on Wednesday March 09, 2022 @08:09PM (#30622076)

What's the most effective price point for them then?

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Re:Oil plunges as much as 17% as UAE says support output hike by londons_explore on Wednesday March 09, 2022 @10:22PM (#30622898)

If they knew that, they'd price-fix the oil to be exactly that all the time.

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Re:Oil plunges as much as 17% as UAE says support output hike by thehappypm on Wednesday March 09, 2022 @03:57PM (#30619842)

Literally billions upon billions of free money.

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Re:Oil plunges as much as 17% as UAE says support output hike by mywittyname on Wednesday March 09, 2022 @04:03PM (#30619916)

I read somewhere that they agreed to cut production for two years in response to the pandemic decimating the oil industry.

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Re:Oil plunges as much as 17% as UAE says support output hike by mythopedia on Thursday March 10, 2022 @09:43AM (#30627445)

Yes, and that agreement is set to 'expire' next month. "Starting in May 2020, the OPEC+ agreement called for a decrease in crude oil output by an initial 9.7 million barrels per day (b/d) that gradually tapers through April 2022, the end of the current agreement period."[0]

[0] https://www.eia.gov/todayinenergy/detail.php?id=45236

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