Venezuela is really hurting.
I don’t think Saudi Arabia cares.
Early on Saudi made a few talks about not wanting to subsidize other governments overspending by themselves making production cuts.
All of this based on that fake phony 3.7% Q2 growth number the Obama Administration put out yesterday.
The entire world economy is a sham.
This price has put a severe dent in all the OPEC member treasuries. IIRC, the Saudis are having to raid the savings account. Also, the Tuesday market downdraft at the close was rumored to be some government liquidating equities. May have been an opecker.
So they’re all feeling the pinch, as is our oil patch.