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Commodities Briefing - Categorized | Oil, Price Watch more

Saudia Arabia and the Oil Pricing Wars of the Middle East

Posted on 21 November 2016

Regional competition and the lack of a cooperation strategy with its neighbors are compounding Saudi Arabia’s inability to act as an oil price setter. The 70 percent drop in oil prices from their all-time highs in 2014 to the current lows of an average of $47 dollars per barrel is severely affecting all hydrocarbon producers, but especially Saudi Arabia.
The many overlapping reasons for the slump include an oil glut, lower demand, and the expansion of U.S. shale extraction. But none contribute more to the continued suppression of prices as the oil pricing wars between neighboring countries of the Middle East……………………………………Full Article: Source


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