Saudi Arabia behind 'cheap' oil, page-40

To suggest that cheaper oil is targeting the Russian economy I think is ludicrous as it hurts far more the OPEC counties & US producers as well as Russia of course.
We have seen weak global demand & steady to higher supply out of OPEC & North America.
Personally I think OPEC is happy to keep pumping at current levels as it will hurt North American production.
Fracking well permit applications have dropped 15% very recently.
Short term I think WTI in particular is probably oversold & due the cheap gas consumption will increase some.
Medium term & I think the Saudis realize this, oil is stuffed due to emissions & its only a matter of time before there is a substantial shift away from fossil fuels. When you are sitting on a 60 year reserve of oil & you can see the writing on the wall is probably in the next 10, wouldn't you pump as much out now as possible as well.