Comment on 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?

blueduck@piefed.social ⁨1⁩ ⁨week⁩ ago

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

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