Angry truckers in the US and EU can attest to that.
Now members of OPEC are pulling out?
Makes perfect sense, OPEC is not about lowering prices, it's about maintaining them. When a country crosses that threshold to being a net importer it means that they are exposed to the full brunt of OPEC's force.
Countries like Venezuela, Iran and most of the Gulf states heavily subsidize their domestic oil consumption. So high oil prices benefit them more, they can handle high subsidies which keep people happy and also giving their economy an unnatural boost.
But once a country crossed that line... It wont be pretty.
Unfortunately this signals a bigger problem. OPEC countries are starting to fall off the production edge into consumerism.
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