this post was submitted on 27 Sep 2024
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Oil price falls as kingdom prepares to raise output from December

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[–] [email protected] 5 points 1 month ago* (last edited 1 month ago) (1 children)

$100 crude target

I'm gonna go out on a limb here and say that that probably wasn't a number resulting from a bunch of economists and computers spending a long time crunching numbers to try to produce an optimal target for Saudi Arabia anyway.

[–] BombOmOm 2 points 1 month ago

Yeah, I think someone in Saudi Arabia looked at the expenses for The Line‡, and then put out a number that sounds nice and would help with that massive outflow; but like you said, didn't trifle with a more realistic target. Meanwhile, Russia is pumping with whatever hasn't been hit by a drone yet, as they can use every ruble they can get; depressing the price.

‡I still can't get over how, instead of building up an industry in Saudi Arabia to vary the economy, instead they went for a vanity mega-project to ... attract tourists?