You are viewing a single comment's thread from:RE: LeoThread 2023-08-23 16:48View the full contexttaskmaster4450le (80)in LeoFinance • last year #oil is off more than 1% today. It is now under $79.
Watch it bottom as i switch to heat pump.
Hard to figure where it is going. A lot of headwinds but they keep cutting production so prices remain strong.
and I would assume they will keep cutting if needed.
Well there is a point, especially for the Saudis, that is needed to fund the economy.
And the House of Saud, along with other OPEC members, will cut production 2%.
The cycle continues.
Yeah. The question is whether their cuts can outpace a decline in demand.
If the global economy rolls, that could be a losing battle for them.
Increasing or continued high cost at the pumps will contribute to the 'shift' away from petroleum based options, which in turn will spur that decline in demand as people move to alternate resources.
It will be interesting to watch!