RE: Oil prices9 Jun 2022 11:36
OPEC , absolutely agree. This is a defunct system that controls global prices and is the bully boy of economies!! The whole reason in my opinion why they are not ramping up production is due to the fact if people recall that in the first global lock down oil prices went negative, holders of oil were paying people to take oil off their hands as there was no storage facilities 'globally' that were not full to capacity....nobody wanted oil and none was being used..... now 2/3 years on they are recouping their blip in their trillion dollar industry and ringing every last cent out of the world economy to pay back their dent in their gigantuous dollar accounts!! When will they open up more production? Only the cartel know the answer to that, a lot more pain to come for the everyday person I think for a while yet.
OPEC should be gone, it is a monopoly, controlled by iindividulas under the banner of oil producing countries whose only interest is make as much money as is possible from this situation. There is no excuse not to ramp up production that I can see. It would help every economy in the worls which is suffering at the moment, from prices of food, manufacturing, transport.....absolutley everything day to day.