Yea oil prices ultimately somewhat depend on the fried brains of finance capitalism. There's obviously not an actual scarcity at the moment but Russia sanctions meant finance capitalists have pushed the price up. Europe may obviously have an oil shortage but that's literally just their bad decision, they could just choose not to have a shortage lol. It's happened pretty much every perceived oil "crisis" going back to 73, where there's never actually a risk of scarcity but oil and finance capital use it as an excuse to make more profit.
Whether an OPEC increase would actually even make any difference to the international price, who knows. I think more than anything they're just trying to make it look like Biden's at least trying to do something lol. If Saudis had agreed, the media would be able to fall over themselves about what great "statesmanship" Biden's showing or some shit. Now with this plus what looks like a failure to drum up an anti-Iran alliance he grovelled to MbS for literally no reason.
Yea oil prices ultimately somewhat depend on the fried brains of finance capitalism. There's obviously not an actual scarcity at the moment but Russia sanctions meant finance capitalists have pushed the price up. Europe may obviously have an oil shortage but that's literally just their bad decision, they could just choose not to have a shortage lol. It's happened pretty much every perceived oil "crisis" going back to 73, where there's never actually a risk of scarcity but oil and finance capital use it as an excuse to make more profit.
Whether an OPEC increase would actually even make any difference to the international price, who knows. I think more than anything they're just trying to make it look like Biden's at least trying to do something lol. If Saudis had agreed, the media would be able to fall over themselves about what great "statesmanship" Biden's showing or some shit. Now with this plus what looks like a failure to drum up an anti-Iran alliance he grovelled to MbS for literally no reason.