REUTERS/ Mohamed Al HwaityOil is down to $28 a barrel, a drop in price that’s going to have an untold and possibly disruptive impact on countries around the world and across the development spectrum.
An emerging conventional wisdom holds that Saudi Arabia, the world’s second-largest oil producer — and largest that isn’t under US and EU sanctions — could make the price plunge go away by dialing back its own 10.25 million-barrel-a-day output. But Riyadh is choosing not to, according to this theory, in order to cut into the oil profits of Iran, Saudi Arabia’s top geopolitical foe.
This is not …read more
Source: Business Insider
