I absolutely disagree with the narrative that Saudi Arabia is manipulating this to kill fracking. The insane price of oil has been due to the belief that global demand will outpace supply before long. China and Europe are teetering and everyone is starting to realize that the China bubble is about to burst and with it, any worries about demand outstripping supply.
Yeah, that is another angle to it.
It’s probably for multiple reasons really, though I do know that prices WOULD be higher if the Saudis/OPEC wanted it to be.
I agree with you. I don’t believe the Saudi’s could do this on their own. It really is a supply/demand issue and the dearth of demand is being ignored.