“If I reduce [oil production], what happens to my market share?” Saudi oil minister Ali al-Naimi asked. “The price will go up and the Russians, the Brazilians, U.S. shale oil producers will take my share.”[1] My feeling is that the Saudis aren’t laying all their cards on the table, but if al-Naimi is in fact telling the truth, the whole truth, and nothing but the truth, oil prices might be going down for a while. Read more
- [1]Clifford Krauss and Peter Eavis, “Oil’s Fall Continues Into 2015, and Stock Markets Shudder,” New York Times, January 5, 2015, http://www.nytimes.com/2015/01/06/business/oils-fall-continues-to-below-50-a-barrel.html↩