| Ever since it turned into the world’s largest oil producer back in the 1970s, Saudi Arabia has been the master the oil market by playing three roles effectively. The first role has been that of the “sole stabilizer,” filling the occasional gaps created by production shortfalls by major oil producers to stabilize the oil market.
Like the 1970-72 gap created by the decline in US oil production; the 1978-80 gaps created by the Iranian revolution; and the 1990-1 gaps created by the Iraq-Kuwait war. Sometimes, Saudi Arabia filled this role at great cost...............................................Full Article: Source
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