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In addition to that, sanctions lifted from Iran. Iran and Saudi Arabia are the most influential members of OPEC and they don't get along whatsoever. Meaning the
by jevgeni 11y ago
In addition to that, sanctions lifted from Iran. Iran and Saudi Arabia are the most influential members of OPEC and they don't get along whatsoever. Meaning the Saudis and the Iranians will break rank and try to claw out more market share by ramping up production.
Additionally, more in response to rtpg's comment: it is very costly and technically challenging to stop or reduce oil production, hence the price volatility is the result of volatile demand fighting it out with very stable supply.
- vermontdevil 11y agoI also suspect Saudi Arabia is trying to rattle sabers with Iran for a variety of reasons. The recent execution of the Shia cleric had to be aimed at Iran. Plus the Yemen conflict etc.
- tonyedgecombe 11y agoThey might be about to bite their nose off to spite their face. They have a supine populace on the back of their state handouts and cushy government jobs. If that goes away as a result of falling government revenue then the country will probably become less politically stable.