Oil price falls as kingdom prepares to raise output from December

  • tal@lemmy.todayEnglish
    5·
    2 months ago

    $100 crude target

    I’m gonna go out on a limb here and say that that probably wasn’t a number resulting from a bunch of economists and computers spending a long time crunching numbers to try to produce an optimal target for Saudi Arabia anyway.

    • BombOmOm@lemmy.worldOPEnglish
      2·
      2 months ago

      Yeah, I think someone in Saudi Arabia looked at the expenses for The Line‡, and then put out a number that sounds nice and would help with that massive outflow; but like you said, didn’t trifle with a more realistic target. Meanwhile, Russia is pumping with whatever hasn’t been hit by a drone yet, as they can use every ruble they can get; depressing the price.

      ‡I still can’t get over how, instead of building up an industry in Saudi Arabia to vary the economy, instead they went for a vanity mega-project to … attract tourists?