Saudi Arabia Has No Plans to Limit Oil Supply
They’re happy to watch prices slide. Riyadh is determined to maintain its global market share by continuing to pump enough oil to meet consumer demand. Saudi officials say this approach — which has seen the price per barrel plummet from $115 to $50 over the past year — will revive demand and restore $70-80 prices within a few years. Those with investments on hold owing to the glut won’t be thrilled, but it looks like OPEC’s December meeting will do little to grease the wheels of change.