Priced in gold, do oil producers want a high oil price or a low oil price?
The answer, I think, depends on how much oil the oil producers have left. And just to clarify, when I refer to "oil producers", I'm not talking about individual companies, I'm talking about all oil producers, or, at least, the middle eastern collective of oil producers.
Initially, when the oil producers have lots of oil, they would want a very high price for their oil.
Counter intuitively though, when their oil reserves start to run low, they would want a lower price for their oil.
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