Oil price has hit zero and I think even went negative in the last couple of hours.
Brent is still at $26 19
As I was reading the other day - the best thing for a high commodity price is a low commodity price. Wipe out loads of your competitors with bargain prices, ultimately the big players remaining have more control over the market, in a world where there's dwindling demand for oil.
with the Saudis having the deepest pockets to last it out the longest.
Really cheap oil hastens the end of oil based transport? Not sure on the mechanics of that?
Quote from: tomtom on April 22, 2020, 01:05:45 pmwith the Saudis having the deepest pockets to last it out the longest.Actually an interesting hypothetical battle; Saudi's entire economy is pretty much oil, and they have significantly higher uplift cost, and a reasonable cash reserve. Russia has considerably lower uplift cost, alternative sources of income and a larger "economy" overall.Not sure who would have lasted longer. I expect Russia, out of sheer bloodymindedness.
Once they have bought an amazing footy team in the UK they wont need the oil money anymore.
Quote from: gme on April 22, 2020, 03:02:49 pmOnce they have bought an amazing footy team in the UK they wont need the oil money anymore.I heard the price of Joelinton was also forecast to go negative at some point soon.
the cheap run removes competitors resulting in an oligopoly/monopoly who can charge what the fuck they want.
Was that Saudis plan? To drive the US and Russian producers out of business?