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re: Saudis manipulating oil lower - ok with $80/barrel for next 2 years
Posted on 10/13/14 at 1:16 pm to upgrayedd
Posted on 10/13/14 at 1:16 pm to upgrayedd
quote:SA's regional rival is Iran. They get a lot of support from Russia.
Why is SA doing this?
SA also aren't big fans of Assad in Syria. Their major patron is Russia.
Long-term, SA sells most of its oil in Asia. That sweetheart deal Putin cut with China did not go unnoticed.
1
Posted on 10/13/14 at 1:29 pm to Iosh
SA is doing it to maintain market share. They didn't increase production. World production is at a high and then last month a bunch of Libyan production that had been off-line came back on adding approximately another 500MMBBL/Day. The Saudis, rather than cut production and defend pricing chose to cut prices and defend market share. The headline for the OP is misleading.
This post was edited on 10/13/14 at 1:30 pm
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