RE:RE:RE:RE:oops i accidentally saved my previous post prematurelyNeed three variables all at once for this to happen which still makes it unlikely at this...
Biden would need to coordinate with all G7 countries to release oil at same time...have iran deal signed and they have 100 million barrels ready to hit market....and convince Saudia to help with thier 2 m tbarrels a day they have shown they can turn on fast. With USa shale companies having low DUC's numbers....saudia could really hit the USA industry as a selling point.
Russia has extra foreign reserves for this excusion....but not for long if oil ever sunk.
Really only thing the West can do...that causes the least damage to average citrzen.
I dont know what happens here for Russia.
kavern23 wrote: Depends on what Joe Biden is thinking....
Only one country has defeated Putin econmically and made him cry for mercy and that was Saudia Arabia.
We have saw this back in March 2020. Saudia wanted to cut production quotas because they saw less demand from Covid and Russia said no. Putin gave the middle finger said nah we like to produce how we want. Putin thought Saudia wouldnt take the short pain of low oil prices.
A few weeks and Russia caved as it was hurting them so bad economically.
Never know with Biden, an off the wall idea would be USA trying to lower oil prices right now which would hurt Ruissia the hardest.
60 buck oiil would do more damage then any sanction.
But Biden when need to throw USA shale companies under the bus....
So I dont think he tries this for now.
But Russia still needs a decent currency to buy goods from china and they need the oil revnue to support funding an expensive war.
really wild times. never know each day
claymore55 wrote: What if high tech stocks crash and fall out of favor? Would energy stocks start to achieve insane valuations (assuming oil hits $150/barrel)? Just some off the wall thinking.