Post by Baron von Lotsov on Nov 7, 2022 14:45:50 GMT
I've never heard this before, but numbers don't lie. In the 80s the Saudis increased oil production from 2m barrels/day to 10m. The price moved from $32 to $10 and in 1986 they lost $20bn which was 7.5% of their income.
And that's it folks. No cash, no food, riots unrest and collapse.
Perhaps this was the inspiration behind oil sanctions against President Putin's Russia. There is this saying, once bitten twice shy.