It’s all but decided that the Organization of Petroleum Exporting Countries and Russia will extend their so-called “production cuts” at Thursday’s meeting in Vienna. It’s clear, however, that the play has been a mistake for Saudi Arabia, which initiated it. It should have stuck with the policies of its former oil minister, wise Ali Al-Naimi, who had driven down the price of oil in 2014 and put the US shale industry through the wringer.
Naimi’s bold move was a bid to regain market share for Opec. The Saudis were worried about the US’s growing share of global oil exports, as Middle Eastern nations including Saudi Arabia decreased in importance.
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