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Saudi oil production policy in 2016, and the prospect of low oil prices for the long term
01/27/2016
With Iran expected to add its production to supplies following lifting of sanctions in 2016, the Saudis would lose market share if they cut production. The Saudis are also on opposite sides with Iran and the Shiite government in Iraq, in the Middle East conflict. Russia is also on the opposite side of this conflict. As a result the Saudis are likely to stick to policy of full production with no cutbacks for the long term. When the Saudis made the policy decision at OPEC meetings in 2014 to not cut back on production as prices declined, it may have been done with the idea of revising policy later on. In 2016 with added Iranian production, this flexibility is diminished. Russia's bombing campaign in Syria, and its ability to withstand sanctions and low oil prices because of a declining ruble, and the cutoff in diplomatic relations between Iran and Saudi Arabia, have put all sides in an economic war of attrition. The Saudis with $630 billion in reserves also see the ability to withstand low oil prices for the long term. Low oil prices help boost economies in the U.S, European Union, Japan, India, China, Turkey, and other countries as the global economy slows down in 2016.
Grouped Articles
Saudi Arabia Keeps Pumping Oil, Despite Financial and Political Risks
New York Times 01.27.2016
Oil-Price Poker: Why the Saudis Won’t Fold ‘Em
Wall Street Journal 02.01.2016
Oil Output Freeze Is an Agreement With a Catch
New York Times 02.16.2016
Young Saudis See Cushy Jobs Vanish Along With Nation’s Oil Wealth
New York Times 02.16.2016
Weak Oil Prices Curbing Production
Wall Street Journal 04.13.2016
How OPEC lost control of the oil market - The Washington Post
Washington Post 04.15.2016
What’s so important about the oil meeting in Doha - The Washington Post
Washington Post 04.17.2016
Oil prices, financial markets sink after production limit plan fails - The Washington Post
Washington Post 04.18.2016
No Agreement on Oil Freeze at Doha Meeting
Wall Street Journal 04.18.2016
Saudi Arabia’s post-oil future
Economist 04.29.2016
Saudi Oil Output Sets Record Despite Global Glut
WSJ 08.10.2016
How American Shale Drillers Flipped OPEC’s Script
WSJ 05.24.2017
The Saudi Shake-Up Has One Goal: Drag the Country Into Modern Era
WSJ 06.22.2017
Saudis Struggle to Share Pain of Pumping Less Oil
WSJ 11.30.2018
OPEC Pursues Formal Pact With Russia
WSJ 02.06.2019
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