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.
this is exactly what is happening. Even in the US. The big ones are buying up all the little ones and stopping their drilling programs entirely. They want to slow the output, reduce competition to kill the service industry.. Then years from now when our production begins to plummet and prices skyrocket politicians will act real surprised.
Can't wait for this to come about actually.
It's not the drilling that's the issue, it's the refining. The prices of crude isn't so high on the market itself, but the post-refined products themselves. American refineries are at capacity and have been for at least a decade now, yet they aren't doing anything to increase production.
And as for Canada, we don't have much when it comes to refining capacity in the first place.
no drilling is the issue lol. Shale wells deplete crazy fast. The decline rate is 70% in the first 3 years. We are reaching peak production. If you reduce the number of operators through buyouts it's only going to make it impossible to crank out new production quickly.