Quizzes & Puzzles2 mins ago
Free Market My Jim Royle
12 Answers
We use less oil, so price falls. So far, so free market.
And then what do the Saudis and Russiabs do?
Cut oil production = less oil = higher prices.
And yet no-one says Boo to this blatant market-rigging!
I wish I did hear the sound of drums...
And then what do the Saudis and Russiabs do?
Cut oil production = less oil = higher prices.
And yet no-one says Boo to this blatant market-rigging!
I wish I did hear the sound of drums...
Answers
Best Answer
No best answer has yet been selected by allenlondon. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.the situation isn't as clear cut as you seem to have painted it, Allen. whilst waning demand will affect the price, the recent catastrophic (to the industry at least) price drops have had more to do with a price war between Saudi and Russia. Neither has agreed any cut but the market recognises a need for stability, and cutting production would be one way of achieving that.
https:/ /editio n.cnn.c om/2020 /04/02/ busines s/oil-p rices-t rump-ru ssia-sa udi-ara bia/ind ex.html
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Surely the Russians, Arabs, Scots, and any other oil producers would be foolish not to have cut oil production. Demand must have plummeted. They can't afford to store all the stuff they can't sell. I heard they were paying people to take it away!
I've not followed oil prices but petrol has fallen a lot in recent weeks- Morrisons had it for exactly £1 a litre the other day. Are oil prices any higher than 2 months ago as a result of this 'rigging'?
I've not followed oil prices but petrol has fallen a lot in recent weeks- Morrisons had it for exactly £1 a litre the other day. Are oil prices any higher than 2 months ago as a result of this 'rigging'?
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