Your thinking Saudi Arabia UNILATERALLY caused the oil glut. IF that were the case, Saudi Arabia would be more powerful than OPEC, etc. They are not. The thing

Your thinking Saudi Arabia UNILATERALLY caused the oil glut. IF that were the case, Saudi Arabia would be more powerful than OPEC, etc. They are not. The thing is most of the world's oil producers were pumping oil at ever increasing quantities: https://en.wikipedia.org/wiki/File:Top_Oil_Producing_Counties.png https://en.wikipedia.org/wiki/File:Top_Oil_Producing_Countie... As oil prices went down, they had to pump MORE to maintain operating costs. http://econbrowser.com/wp-content/uploads/2016/01/us_oil_jan_16.png http://econbrowser.com/wp-content/uploads/2016/01/us_oil_jan... http://econbrowser.com/wp-content/uploads/2016/01/crude_oil_stocks_jan_16.gif http://econbrowser.com/wp-content/uploads/2016/01/crude_oil_... http://econbrowser.com/wp-content/uploads/2016/01/saudi_prod_jan_16.png http://econbrowser.com/wp-content/uploads/2016/01/saudi_prod... http://econbrowser.com/archives/2016/01/world-oil-supply-and-demand http://econbrowser.com/archives/2016/01/world-oil-supply-and...