Prices Are Down, but Saudis Keep Oil Flowing
Article by CLIFFORD KRAUSS and STANLEY REED published 1 June 2015 in the New York edition of The New York Times under the headline
Prices Are Down, but Saudis Keep Oil Flowing
HOUSTON — The international cartel of oilproducers has long followed the same basic strategy. When the market was soft, the group slashed production to raise prices.
But Saudi Arabia, the heavyweight of the Organization of the Petroleum Exporting Countries, has a new agenda. It is now less concerned about the price of crude oil in the global markets and more concerned about delivering fuel to its growing economy.
The shift is upending the traditional market dynamics that have influenced the direction of oil prices for decades.
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