Not the news anyone wanted to hear. I suppose the Saudis are using this crisis to destroy Iran once and for all as well as put the nail in the coffin of the US shale industry. Their cost of production might be low at ~$12/bbl but their sovereign cost is about $80/bbl so they'll take a massive hit too. I suppose it's also a big middle finger to the Russians who refused to join their cut.
Saudis Plan Big Oil Output Hike, Beginning All-Out Price War
Saudis Plan Big Oil Output Hike, Beginning All-Out Price War
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