From Reuters:
Saudi officials in recent weeks have briefed allies and industry exports, telling they the Kingdom can sustain a prolonged period of low oil prices.
Oil is down on the headline. The context here is that Saudis are trying to threaten countries that aren’t complying with quotas and/or overproduction payback.
This could all come to a head on May 5 with the scheduled OPEC meeting but the oil market isn’t waiting as it’s quickly down $1.50 on this report.
This article was written by Adam Button at www.forexlive.com.
