| For close to a year, Saudi Arabia and its Opec peers have maintained a stance of deploying spare oil production capacity to hobble outside rivals. Rather than pursue short-term revenues through maintaining the price of crude, the cartel embarked upon a strategy of protecting long-term market share last November.
Since then, the Kingdom has raised production to as high as 10.6m barrels a day, compared with an average of 9.7m b/d in 2014, while its Gulf allies are also running at full pelt. Iraq is pumping at a record and Libya is back above the 500,000 b/d mark. Additional Iranian barrels loom on the horizon...............................................Full Article: Source
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