The decision may further exacerbate the energy crisis in the EU and the US, that are struggling to diversify their supply after sanctioning Russian oil which has already caused an unprecedented rise in fuel prices
The whole raison d’être for the existence of OPEC is to control the price of oil. I’m not sure why anybody thought that OPEC would just sit by while US tries to crash oil prices.
US, or at least part of their establishment, probably did thought that, as evidenced by people there freaking, including Sanders calling OPEC “illegal price-fixing cartel”.
What I find most amusing here is that US is currently doing exact same thing to Germany with LNG, and Habeck is demanding that US sell LNG to him at a price he wants. It’s such a clown world.
The whole raison d’être for the existence of OPEC is to control the price of oil. I’m not sure why anybody thought that OPEC would just sit by while US tries to crash oil prices.
US, or at least part of their establishment, probably did thought that, as evidenced by people there freaking, including Sanders calling OPEC “illegal price-fixing cartel”.
What I find most amusing here is that US is currently doing exact same thing to Germany with LNG, and Habeck is demanding that US sell LNG to him at a price he wants. It’s such a clown world.
“Illegal LPG price fixing cartel” :D
Also, OPEC itself was originally created to stop the anglo big oil cartel from monopolizing oil production.