The article assumes everyone is pumping all they could.
Maybe the Rag Heads have figured out that pumping less actually makes them more! (since that drives the price higher)
Maybe the Rag Heads have figured out that pumping less actually makes them more! (since that drives the price higher)
............
they have been manipulating prices for years. If the price oil falls much below 90 the saudis will cut production.
what they don’t have is excess capacity anymore. Also they have configured their economies so that they need at least 90 @ barrel to pay their bills.