In an OPEC meeting that month, Saudi Arabia announced it would maintain high oil-production levels despite falling prices. The Saudis were betting that by keeping prices low they could protect their market share and kill America’s energy renaissance—a rebirth driven largely by Texas, which produces 37% of America’s oil and 28% of its marketed natural gas.
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Personally, I think that was a actually a coordinated attack on Russia’s main revenue stream.
Bingo Moonman62!
Same thing as 1980.
Or an attempt to force Russia to work with OPEC before any cuts are made to raise prices?
Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices
http://www.wsj.com/articles/russia-venezuela-to-discuss-potential-steps-to-stabilize-oil-prices-1441040230
Aug. 31, 2015
Russian President Vladimir Putin will discuss “possible mutual steps” to stabilize the global price for oil at a meeting with Venezuelan President Nicolás Maduro in China on Thursday, a Kremlin aide said, as both countries grapple with lower prices for their main export.
Venezuela, a Russian ally that has been hit hard by plunging oil prices, has been pushing for an emergency meeting with the Organization of the Petroleum Exporting Countries in coordination with Russia to work out a strategy to halt the recent retreat in prices, people familiar with the matter said.
The Kremlin aide, Yuri Ushakov, didn’t expand on what potential steps could be taken but said they could be “within the context of Russia’s cooperation with OPEC.”