Poor OPEC. All of the sudden, they sound like US politicians, talking about what constitutes “reasonable” oil prices, rather than just admitting that the market doesn’t give a damn what some figurehead believes it should be priced at. OPEC president Chakib Khelil said that if the price of oil doesn’t rebound to the $70-$90 range, the cartel could institute another round of production cuts. Of course, another is a funny word, since it doesn’t look like anyone took the first one seriously.
At least when oil is going up, our politicians have someone to scapegoat. They don’t even have that.
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