The countries that are hurting the most right now also can’t cut production because they need whatever money they can get. Right now countries like China are stockpiling oil, but even that will stop when all capacity is full. At that point, only the cheapest oil will sell. I think production may be cut when whole countries go offline, like Venezuela.
I think production may be cut when whole countries go offline, like Venezuela.
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venezuela is currently acting like they will be the first ones to go offline.