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Wednesday, July 8, 2015
Saudi Arabia`s Oil Strategy Is Failing
Matt Smith, Fuel Fix: Commentary: Saudi’s targeting of market share does not appear to be working
Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which BeyoncĂ© was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a memory). But while the world was a very different place back in 1981, one thing is the same now as it was then: the level of Saudi Arabian oil production.
According to OPEC data, Saudi oil production reached 10.3 million barrels per day in May, a level not seen since 1981. This data point is not all that unsurprising, given recent rumors and murmurs of a ‘price war‘ and the ‘targeting of market share‘ by OPEC’s leading producer.
WNU Editor: What is also raising red flags is the growing realization that the Iranians are about to return (in force) to international oil markets .... Oil market: The Iranians are coming (Al Jazeera).
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