[HN Gopher] Oil plunges as much as 17% as UAE says support outpu...
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       Oil plunges as much as 17% as UAE says support output hike
        
       Author : underscore_ku
       Score  : 39 points
       Date   : 2022-03-09 19:51 UTC (3 hours ago)
        
 (HTM) web link (www.reuters.com)
 (TXT) w3m dump (www.reuters.com)
        
       | nine_zeros wrote:
       | The money is there for the taking. They just need to supply more
       | barrels.
       | 
       | It's the same as charging 1 customer $1m vs charging a million
       | customers $1.
        
       | theandrewbailey wrote:
       | OPEC should be cashing in on the market. $100 per barrel is well
       | above Saudi Arabia's $~70 or so per barrel needed to sustain
       | their social programs.
        
         | aliyfarah wrote:
         | OPEC oil ministers know that very high oil prices (120+) is
         | against their interest as it will effect long term demand and
         | accelerate decarbonisation efforts.
        
         | mywittyname wrote:
         | I read somewhere that they agreed to cut production for two
         | years in response to the pandemic decimating the oil industry.
        
         | thehappypm wrote:
         | Literally billions upon billions of free money.
        
       | baybal2 wrote:
        
       | Tarsul wrote:
       | I like that the HN title is (right now): "Oil plunges as much as
       | 17% as UAE says support output hike"
       | 
       | Whereas the real title is: "Oil records worst day since pandemic
       | as UAE calls for output hike"
       | 
       | It really rubs me the wrong way they use the word "worst" because
       | it implies that it's inherently bad. And we all know that it's
       | neither good nor bad but complicated.
        
         | happytiger wrote:
         | "Worst" probably performs better than alternatives in
         | clickthrough rates.
        
         | quickthrowman wrote:
         | It's not even the 'worst' day for oil since the pandemic, oil
         | futures went negative ($-40 a barrel) in 2020.
         | 
         | HN headline is much more accurate
        
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       (page generated 2022-03-09 23:01 UTC)