Isn't that the same thing?
Couldn’t happen to a nicer bunch of people.
Seems to me SA is doing the best for itself that it can.
Neither they nor OPEC can control the price. A cut in SA production will not raise the price so all they can do is pump as much as they can.
They do have a huge budget surplus socked away to help them adjust to the new oil market too.
OPEC may have lost control of the market, but the Saudis still have the lowest costs in the business. They are acting pretty much the same way as every other low cost producer in commodity markets during a glut - producing as much as they can to make up shortfalls in revenue due to cratering prices. This glut may be longer-lived than anyone expects, and Harold Hamm at Continental may end up with less money than his recently-divorced wife, as his company slouches towards Chapter 11.
Love seeing OPEC circle the drain. Let then eat the sand which is there.
this story is garbage.
............
KSA has plenty of money.
KSA is at war with Iran.
KSA wants to lower the price
that Iran gets for its oil.