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user-inactivated · 3365 days ago · link · · parent · post: How Low Can Oil Go? Goldman Says $20 a Barrel Is a Possibility
With the side impact of bankrupting Russia and tanking their economy as well.This is Goldman acknowledging the existential struggle between North American oil shale producers and OPEC. OPEC didn't shut down oil shale production last year so they're doubling down because if they can't drive oil shale production out of business, Saudi Arabia falls.
Don't forget Venezuela. Also consider that the biggest consumer of oil these days is China, and their economy is in an uncertain place... and they mostly buy from Russia, Saudi Arabia and Kazakhstan. Geopolitically speaking, shale producers make FreedomOil. OPEC II: AMERICA STRIKES BACK. Only problem is how heavily it's fucking the manufacturing sector. Interesting times.