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kleinbl00  ·  3679 days ago  ·  link  ·    ·  parent  ·  post: Oil below $50 per barrel

Low oil prices primarily punish Russia and Iran, both of which are currently under sanctions and both of which primarily export petroleum. People expected oil prices to continue to rise because people expected Saudi Arabia to throttle production. People forget that Saudi Arabia is a vassal state of American foreign policy and that punishing Russia and Iran is strategically beneficial to the United States.

That's really all it would take: Saudi Arabia saying "OPEC is going to lower production" means prices go back up. And that's probably what will happen as soon as the US sees progress with Russia, Iran or both.