My point above re: 2% of the world’s oil production is that, to global oil supply, this cut is a more of a pinch than a slash.
— The Hoarse Whisperer (@TheRealHoarse) October 5, 2022
OPEC produces around 30% of the world’s oil today. In the 1970s, that number was nearly 60%.
They don’t control markets like they once did.