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Thread: Riyadh's Price Dumping Didn't Work

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    PJL's Avatar Senior Member
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    Riyadh's Price Dumping Didn't Work

    ""When Saudi Arabia flooded the global oil market in the aftermath of the 2014 oil price crash, its former oil minister Ali Al-Naimi said then that his country’s declared objectives were to defend its market share and also to kill if not slow down US shale oil production", he points out. "This time, when Saudi Arabia declared that it will again flood the global oil market, its objectives were to punish Russia and again to undermine shale oil production."........"According to Salameh, Riyadh's moves were understandable: since its inception in 2008, the US shale oil industry "has been producing recklessly even at a loss", thus "depriving most of the oil-producing nations of the world of their livelihood". "It is only fair that the shale industry shares the pain with other oil-producing nations who are suffering badly from the state of events", he opines, adding that "the US shale oil industry was on the verge of bankruptcy long before the onset of the coronavirus outbreak".".........." .....https://sputniknews.com/analysis/202...nergy-experts/

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    bulletbob's Avatar Senior Member
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    Seems to me the saudis sure have been bending russia over and driving the point home.
    You must be displaying your intelligence again . lol


    You do know that Russia is about to make a deal the Saudis dont you PJL ?
    If the dumping didnt work why would Russia be bending over. ?
    Or is that Russia showing thier intelegence like you did ?
    Or did spunklessnut news not mention that ?

    You see not only has the overproduction of oil affected price but the lack of demand due to the Chinese virus spreading across the world.
    This has resulted in the global oil industry taking a serious hit. For nations such as Russia and the Saudis who have such huge chunks of thier economy based on oil having to deal with hundreds of billions of losses and they dont have a large enough income to be able to afford this for a long time.

    Maybe you can start a go fund me to help putin out so he can afford his caviar
    Last edited by bulletbob; 04-06-2020 at 07:57 AM.

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