My bet is that, with russia's actions pushing the west to move off fossil fuels more quickly (for security's sake), the OPEC nations will see that the end of resources they were hoarding to last the next few decades (until the world previously might have taken to massively cut use) may have a lot less time before it becomes more niche. …
My bet is that, with russia's actions pushing the west to move off fossil fuels more quickly (for security's sake), the OPEC nations will see that the end of resources they were hoarding to last the next few decades (until the world previously might have taken to massively cut use) may have a lot less time before it becomes more niche. Hopefully that will incentivise them to increase their production and make/keep it more affordable, else they risk people/countries just taking the economic hits already by adopting other options. Those countries are already working hard to pivot their wealthy economies away from oil *reliance* but that doesn't mean they want to be left holding vast oil reserves in a single generation's time, when they could instead have extracted some healthy revenues for it already.
My bet is that, with russia's actions pushing the west to move off fossil fuels more quickly (for security's sake), the OPEC nations will see that the end of resources they were hoarding to last the next few decades (until the world previously might have taken to massively cut use) may have a lot less time before it becomes more niche. Hopefully that will incentivise them to increase their production and make/keep it more affordable, else they risk people/countries just taking the economic hits already by adopting other options. Those countries are already working hard to pivot their wealthy economies away from oil *reliance* but that doesn't mean they want to be left holding vast oil reserves in a single generation's time, when they could instead have extracted some healthy revenues for it already.