Russia, Saudi Arabia, + the entire world, except the US, using all available technologies, have not increased oil supply to the importing countries in 17 years.
Russia, Saudi Arabia, + the entire world, except the US, using all available technologies, have not increased oil supply to the importing countries in 17 years.
I may be comparing apples to oranges but one reason to NOT overproduce is that prices are set at the margin, and overproduction will lead to a price crash, which tends not to be an issue for legacy wells, but for newer technologies (e.g. tar sands) it's economic devastation.
I may be comparing apples to oranges but one reason to NOT overproduce is that prices are set at the margin, and overproduction will lead to a price crash, which tends not to be an issue for legacy wells, but for newer technologies (e.g. tar sands) it's economic devastation.
The markets like price stability.