Oil prices would be twice as high without OPEC, says UAE’s oil minister

How quickly we forget – just about 18 months ago, oil prices were historically low because OPEC and Russia played around and swamped the market. here were some other dynamics at play but OPEC+ pulled the trigger. OPEC+ vastly overestimated its clout. Yes, they can flood the market and we see what happens when they do but the careful tuning that they claim to be doing is no more than a natural effect of the markets looking for some sort of balance. OPEC has very little clout and whatever is left evaporates as well when the China bubble pops.

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