As Gulf states continue to face Iranian fire, Bloomberg reports they are urging the president to seek an ‘off ramp’ from the war while asking allies to bolster air defenses and drone interception, including MAMBA systems now scarce due to shipments to Ukraine
Ah man.
I kind of don’t like Qatar.
But the scale of the conflict does need to end. US Congress has yet to pass a war powers resolution and the only faction in Iran willing to work with us right now is the Shah faction.
“Permission denied”
But the frackers in the US and oil sand boilers in Canada are warming up their wells already. This has to last another couple months to make it worth it!
I sense the sarcasm but onlookers should understand that this is not how the global oil market works. GCC is essential to maintain global demand and intersectional interests of many countries.
Wait, do supply interruptions not increase the price of oil?
It’s my understanding that when oil barrels reach a certain threshold (below $80 a barrel at one point), more expensive extraction methods can be unprofitable.
Canadian oil sands were supposedly at risk of jeopardization by an influx of cheaper crude from Venezuela (if that ever happens).
Sure this will benefit oil producers in the west writ large, and I’m not sure of the capacity of any refineries in North America to process Venezuelan crude, but Canada will not be able to offset losses in global oil production, so the cost of petroleum will increase regardless.
The time to increase supply was before, now is the time to be selling it off at high prices.