The Saudis are Blinking

[Putncalls]

They increased exports by 250,000 BBLs/day  but production only increased by 50,000

They are removing oil subsidies in the form electricity water and fuel fees.

They are attempting to grow other GDP sources.

They are leaving capital expenditures on oil production the same.

http://www.bloomberg.com/news/articles/2...our-months

[admin]

On the list of self-defeating strategies or shooting yourself in the foot, this whole Saudi flooding the market with oil thing must be high up there. It's extraordinarily expensive to themselves and for rather questionable gains. They're also blowing up Opec in the process.

[Putncalls]

In the article it mentions that some Saudi officials believed that US shale could be taken out of business but the US bankruptcy laws don't work that way.

[Putncalls]

Revenues dropped by 123 billion in 2015 to 165 billion. Ouch.
http://www.bangkokpost.com/news/world/81...link-first

[admin]

In the article it mentions that some Saudi officials believed that US shale could be taken out of business but the US bankruptcy laws don't work that way.

Bit of a tall order that, but they have better chance with Venezuela, Nigeria, Irak, Brazil, Rusia etc..

[jft310]

Saudi Arabia breaks ties with Iran

[admin]

Saudi Arabia breaks ties with Iran

Yea, they never really execute anyone in Iran, right? It's like Putin fuming over Turkey shooting down a Russian jet, whilst his guys downed a Malaysian passenger plane full of (mostly) Dutch holidaymakers over Ukraine..