Market share continues to be Saudi Arabia’s main concern—and not even $40 oil prices will make it give into peer pressure to cut production.
Major oil producers have been trying to convince Saudi Arabia, the Organization of the Petroleum Exporting Countries’ biggest producer, to take the lead and cut production to stem the price declines.
But output from the nation instead climbed to about 10.45 million barrels a day in July from 10.1 million in April, according to an estimate from Platts, even though West Texas Intermediate and Brent oil prices are down roughly 15% year to date on the back of a global supply glut.
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3 comments:
The Saudi's are pumping oil in order to kill the Shale drilling economy here in the States. But, at least they are kind enough to offer our laid off oil workers jobs for pennies on the dollar to work in the Middle East.
Saudi Arabia doesn't bow to anyone for anything.
Usa gas should be free for fighting for the cowards in europe.
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