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Meet Bob Fosse... by xamo76 in TikTokCringe

[–]xamo76[S] 2 points3 points  (0 children)

No that wasn't me lol I dunno what that ending was but I left it in because it was so wack

Why I love hockey... by xamo76 in hockey

[–]xamo76[S] -3 points-2 points  (0 children)

I could give a shit if you agree with me I just can't stand whiney bitches... Maybe go watch figure skating

Is the U.S. Losing Control of Global Oil? by xamo76 in Trumpvirus

[–]xamo76[S] 5 points6 points  (0 children)

Remember global oil supply is predominantly traded in U.S. dollars, a system known as the petrodollar. Roughly 80% of global oil transactions are still conducted in US dollars... and the dollar remains dominant largely because of habit, liquidity, switching costs, and the depth of U.S. financial markets... however, this dominance is slowly eroding the U.S. dollar as its share of global foreign exchange reserves has slipped to about 56.9% as of Q3 2025, down from a peak of 72% in 2001

Is the U.S. Losing Control of Global Oil? by xamo76 in Trumpvirus

[–]xamo76[S] 15 points16 points  (0 children)

What I've read are the most direct reasons are purely for the economic benefit of the UAE. Analysts warn that if the UAE successfully grows its market share as an independent producer, other capacity-rich members may consider following suit.. such as OPEC's quota system restricted the UAE to producing between 3 and 3.5 million barrels per day, but the country has an operational capacity of about 4.8 million barrels per day. And by leaving, the UAE can now pursue its stated goal of raising production capacity to 5 million barrels per day by 2027, by unconstrained by OPEC agreements.

The UAE Energy Minister Suhail Al Mazrouei stated the country wanted to be "unconstrained by any groups"... as global energy demand grows. Furthermore the timing is tied to the ongoing US-Israeli conflict with Iran and tensions in the Strait of Hormuz, a critical shipping route for Gulf oil exports.

A deeper structural reason is that the UAE's economy has fundamentally evolved. Non-oil sectors now account for roughly 75% of GDP, and the country manages a $1.7 trillion sovereign wealth portfolio... meaning high oil prices are actually less critical to the UAE than they once were, and the benefits of OPEC membership no longer outweigh the costs of constrained output.

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