Despite Trump’s happy-clappy claim that he had fixed the Saudi-Russia oil clash which has sent prices to an eighteen year low of $20, there seems little indication that either Putin or Bin Salman are going to budge. Demand has dropped because of transport restrictions during coronavirus and the two countries can’t agree on a production cut. Oil economies like Algeria, Nigeria and Libya need prices to be close to $100 per barrel to balance the government’s books. Saudi Arabia also could face a funding shortfall of more than £100bn. Russia is less vulnerable to a price drop.
OPEC, 10 September 1960 Baghdad, is looking shell-shocked this year with Solar Arc Mars conjunct its Uranus; and tr Neptune just over the opposition to its Virgo Sun. Tr Neptune is aiming for an even more undermining 2022/23 as tr Neptune squares the Mars (for panicky failure) and squares Jupiter (financial bubble-bursting). At the same time in 2022 there is a devastating and confused Solar Arc Pluto conjunct Neptune; and a financial slide in 2023 from Solar Arc Neptune square Venus.
The Petrodollar chart of 8 June 1974 9am Washington, DC, also has a 17 degree Mutable Sun in Gemini which has been catching the undermining and confused tr Neptune square earlier this year. There’s also an unstable and unpredictable tr Pluto square Uranus all this year as well as a ratchety and aggravated tr Saturn opposition the Mars and square Uranus just finished and which returns after the middle of the year. Plus a nerve-stretched earthquake from Solar Arc Uranus conjunct Neptune, exact in four months; and a seismic shock from Solar Arc Sun conjunct Mars. Followed by an even worse 2023/24 with tr Pluto in a trapped, scary, dead-halt opposition to the Mars.
Oil is definitely on its way out, if you look at electric cars popularity it is a given that in the next 4-5 years they will be dominant in the markets around the world. Pluto moving in aquarius in the next few years, it will enhance technology especially artificial intelligence. Countries like Saudi Arabia and Nigeria that depends on oil for revenue, their economies are going to be in trouble unless they adjust now while there is still time.
Scary for them but for the rest of us, is it a sign that the old, traditional dinosaurs will fall and alternate energy/technology is coming, finally?
How does it look for the Scottish oil industry?