Geopolitics

Milei wants to cut $15.3m/month in federal funding to state-run oil drillers in southern Argentina. Governors call his bluff, risking imprisonment. 

Oil is a very inelastic commodity - the marginal barrel sets the price for the market. Small changes in production can cause massive price hikes overnight.

Thanks. In the habit of not posting articles bc of X's link nerfing.

Full article:
https://www.france24.com/en/live-news/20240224-oil-rich-argentine-provinces-threaten-to-cut-supply-in-dispute-with-milei