What does it mean for the future of oil when the producers have to cut output to raise the price of oil?
- FoofaLv 72 months ago
Oil isn't endless and with every new advance in non-fossil energy OPEC sees its future dim further. This is why the smart oil producing nations are trying to diversity as quickly as possible... But is also why countries not doing that are failing economically.
- GTBLv 72 months ago
The "law of supply and demand", the fundamental economics law is alive and well. Oil producers are seeing lower prices and they wish to cut back supply to create a shortage and raise the price. This is what it means. It is pure and simple price control by supply limiting or "price fixing".