this post was submitted on 17 Aug 2023
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I recall reading an article a few years ago speculating that big oil barons are starting to see the green revolution coming and, paired with reducing global oil supplies, they were going to slow production, increase prices and take a much profits as much as possible as oil is pushed second place to electrcity. I wonder if OPEC reducing supply has anything to do with these alleged goals.
You're dead on. They're artificially lowering production to keep prices high. We can't get off this dinosaur juice soon enough.
It is thought that Saudi Arabia, which is currently chairing Opec+, needs to have the price of Brent crude rising to $80 (Β£65) a barrel or more to cover its government spending and import bill.
https://www.bbc.co.uk/news/business-61188579
It's not just that, but the Saudis are trying to pivot hard towards new industries. They see their entire government collapsing if they can't find a new source of revenue before oil demand collapses and their savings disappear.
Saudi Arabia basically bribed their civilians to stay in power by subsidizing gas, electricity, and water to the point that all three are basically free in the country, while their migrant workers are basically slave labour. The moment any of this changes, there's going to be a coup, and they see the clock ticking with oil demands having peaked in much of the world already.
RealLifeLore has recently released a video talking about their situation, though not so much on the oil.