https://www.nytimes.com/2020/03/08/business/saudi-arabia-oil-prices.html
Don't be deceived by the news that Saudi Arabia and Russia are fighting an oil price war with each other.
They are, in fact, collaborating to fight against the US shale oil industry on the pretence that they're fighting against each other.
Russia refused to cut oil output with the aim to gain market share and bring down the oil price to crumble the US shale oil producers.
Saudi Arabia is cutting oil price with the same intention to gain market share and bring down the oil price to crumble the US shale oil producers.
Both acted with a common AIM.
What's a better time to fight the US shale oil industry than now? Both countries know that the recession constellation is aligning in the US prior to the covid-19 outbreak. The covid-19 is just the last straw to break the camel's back and both countries capitalize on it to make sure that the inevitable will happen in the US.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment