Is it really the Saudis that are to blame? The current POO is as much as anything due to the advent of significant new production in the USA over the past few years. Why should the Saudis be expected to cut their production just to accommodate the new US production?
Sure as hell, the US will not be forcing their producers to curtail production or impose a 20% cut : Controlling supply is anathema to a free market economy... The US will let market forces play their part... a process currently underway .. So if the US (a very significant producer and consumer of oil) won't participate in controlling production, how can you expect any other country to do it?
Russia and Opec to meet, page-6
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