According to an article Saudi Arabia does not really care if the price of oil drops to $20 per barrel. Does this still matter? A lot of Saudi production is useless to the developed world and other countries play a much more significant role.
I think OPEC in general has lost its dominance it once enjoyed over the oil market. Seems as there is little behind the Saudi statement. Oil at $20 would to me suggest a global recession or worse.
I think OPEC in general has lost its dominance it once enjoyed over the oil market. Seems as there is little behind the Saudi statement. Oil at $20 would to me suggest a global recession or worse.
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