I read somewhere that places like Venezuela and Russia, who survive on oil profits, are the ones who need oil priced in the $100 a barrel range. OPEC can apparently keep lowering prices until the rest of the world goes into the red pulling up their own oil or fracking shale. The question is - how will OPEC’s competitors survive the OPEC attempt to put them out of business?
We probably won’t be drilling any new wells at $50 a barrel,
but there’s nothing the Saudis can do about the ones that are already in production -
UNLESS
they can get their leftwing buddies in the US gov’t to pull some regulatory mumbo jumbo on them.