by researchers at the European Central Bank calls into question how much influence this group, known as OPEC+, can have on the matter that most concerns it: the oil price.
When OPEC was formed in 1960, its five members controlled four-fifths of the world’s oil exports. By 2019, although its membership had expanded to include 14 countries, its share of global production had fallen by half, to 39%. That decline resulted in part from the rapid rise of America’s oil production brought about by shale oil: its share of the global oil market rose from 8% to 19% between 2011 and 2019.
Correct. This is precisely the reason proposed restrictions on fracking would be double acting poison for the economy.
anti-Marxismlist! On my opinion, the human society is running on these: 1 technology define theoretical economic aggregate 2 labour define gross economy 3 finance system define distribution of wealth from gross economy
OPEC + offers way more political theater than market control / manipulation...
Don't worry when Biden stops oil production in the US the prices will skyrocket.
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