“No reason for prices to nosedive. There’s always a need for oil, and the producers control the price. Produce half as much, charge twice as much.”
Oil prices are like most things dictated by demand! little demand equals low prices as we saw with fuel prices at the begining of Covid where petrol was as low as 98p a litre.
My point was that oil demand will eventually fall as more EV’s are introduced so as you rightly said oil cartels like OPEC control oil output in order to control prices and that is what we are seeing now.
A great number of manufacturers and suppliers are restricting supply of components, “Crisps”, oil, cars, etc, etc so as to create artificial demand in order to increase prices, of which are providing record profits as BMW have recently announced! I have no doubt that ‘Walkers Crisps’ will increase in price and the multi buy offers will cease in the supermarkets, more so as demand goes through the roof leading up to the christmas period.