They have our back in the sense that they are going to keep a floor under the price of oil. They have been pretty clear on that for some time and OPEC compliance has been strong lately. They are all in cahoots. Biden putting the brakes on refilling the SPR at 72$ was probably the last straw for OPEC.
Plenty of Canadian oil companies are still making gobs of money at 70$ oil. Part of the low valuation multiples put on these companies are due to the fact that oil prices can be very volatile. OPEC putting a floor here should help increase those multiples. Hopefully anyhow. We'll see.
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There are some who can live without wild things, and some who cannot. Aldo Leopold
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