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10 sats \ 0 replies \ @Undisciplined 16 Jan \ parent \ on: Why did ALL countries abandon gold & silver money to use fiat currency? econ
It's just an ordinary cartel. The demand is real, but the supply is artificially limited to drive prices higher.
Russian and American production undermines OPEC dramatically, but American production is good for the petrodollar. OPEC can withstand that competition, because its members have cheaper to produce oil reserves.