| Saudi Arabia will not cut its oil production to satisfy others. The lesson is learned and others must act accordingly. Finally, Saudi Arabia has reached its conclusion and it will keep on producing more oil as long as its customers demand for oil. This time, the biggest oil exporter is determined to push for more crude oil production and lower prices until other non-OPEC producers reduce their oil production.
Last November, a meeting in Vienna witnessed total shift in Saudi oil policy in terms of giving up its traditional ‘swing’ role producer to become an integral part of the global oil policy. Countries like Russia, Brazil and other higher cost oil producers were asked to participate and reduce their production until such time that the global market can take all available crude oil or to share the burden equally...............................................Full Article: Source
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