[babble-on]

oil is a global commodity, where its produced does not have any impact on the global price.

[Fox_Mulder77]

“oil is a global commodity, where its produced does not have any impact on the global price.”

Its called supply and demand. But I guess you think that doesn’t apply to commodities.

[muawiyah]

The aggregate availability of oil affects its price. If you suddenly find 50% of previously available oil off the market, the price will change.

[JasonC]

Horsefeathers. The marginal cost of production of oil today is under $10, the price is 11 times that because 90% of it is controlled by state enterprises that deliberately collude to fix prices for strategic as well as economic ends.