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Monday, March 13, 2017

Saudi Oil Minister Sounds Trouble For Russia At Houston Conference

Energy producers and OPEC ministers, meeting at CERAWeek in Houston, grappled with a global glut of oil that was not supposed to be. Back in November, OPEC and non-OPEC oil producers agreed to their first production cut in eight years. Thus ended a Saudi-led experiment with free markets that had driven down crude prices to historic lows. The Saudi gamble was that low prices would dry up U.S. shale investment, rig counts, and hence crude production, that competes with OPEC and Russian output.
The experiment apparently failed.



go to Forbes.com

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