I like that the HN title is (right now): "Oil plunges as much as 17% as UAE says support output hike"<p>Whereas the real title is: "Oil records worst day since pandemic as UAE calls for output hike"<p>It really rubs me the wrong way they use the word "worst" because it implies that it's inherently bad. And we all know that it's neither good nor bad but complicated.
OPEC should be cashing in on the market. $100 per barrel is well above Saudi Arabia's $~70 or so per barrel needed to sustain their social programs.
The money is there for the taking. They just need to supply more barrels.<p>It's the same as charging 1 customer $1m vs charging a million customers $1.
Please note, it's UAE, out of all gulf countries.<p>Normally UAE is <i>the</i> most timid gulf country in front of Saudi influence.<p>Kuwaitis, Bahrainis, and even Qataris are still holding the Saudi line now.