Oil plummets 30% as OPEC deal failure sparks price war fears
The vast contradictions in the world of countries with a lot of natural resources is both enlightening and depressing.At one end of the spectrum is Norway, who decided not to sell resource rights for peanuts so some shareholders somewhere can get rich, ironically it seems somewhat thanks to an Iraqi [1]. Essentially most of the profits from oil revenues are retained by the government.At the other end is the Middle Eastern countries. Monarchs and despots have largely enriched themselves and their families at the expense of their country and their people.The sad part here is that those people who have essentially been swindled have succumbed willingly essentially in the name of religion. Their leaders are keeping the faith.So it's sad to me that not only are people so easily manipulated through religion but also what a huge lost opportunity this was. What, really, do any Middle Eastern countries have to show for this massive windfall?It gets sadder when you realize that a certain amount has to be diverted to the populace essentially to keep them placated. The cost of extraction is going up. This money staving off revolution is going up.So what you have is where these countries now can't afford to turn off the supply like they did in the 1970s. Now, Russia, Venezuela, Norway and the USA are huge producers (and net exporters). Solar in particular will continue to bite into oil demand so long term the situation doesn't look great for oil yet those countries that didn't spend their windfalls wisely are facing a harsh future.[1]: https://www.ft.com/content/99680a04-92a0-11de-b63b-00144feab...