Anonymous
Anonymous asked in Politics & GovernmentCivic Participation · 1 month ago

Why did oil producers cut production world wide?

11 Answers

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  • 1 month ago

    Probably in response to demand and oil prices plummeting.

  • kswck2
    Lv 7
    1 month ago

    To raise the prices. Don't you know how this works? 

  • 1 month ago

    Trade insecurity cus of Murican unrest. When that ends then u can have boom time 🍺🍺✨

  • Maxi
    Lv 7
    1 month ago

    Because of covid, less people are travelling to work, they are working from home, so less need to refill service stations, so demand is lower, so it is simply supply v demand or demand v supply

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  • 1 month ago

    low prices received, silly.

  • sam
    Lv 7
    1 month ago

    Greed............

  • Robert
    Lv 7
    1 month ago

    to squeeze more money from you.  

  • 1 month ago

    Supply and demand.  With less oil, they can raise the price.  If they know that America will no longer be an exporter of oil, they know America has to get their oil from them, so, you cut down production, raise the price, then make a whole heaps worth of money.  That's what happens when Biden cancels the Keystone pipeline.  That, and he just killed about 1,000 jobs.

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  • Anonymous
    1 month ago

    It's how they manipulate the market to push up the price but it only works if all the main producers do it.

  • Anonymous
    1 month ago

    No one is driving anywhere.

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