How does a manufacturer beat down his competitors? Flood the market with goods and sell them at a low price, hoping to drive competitors into the ground. That, in essence, is what Saudi Arabia is doing with its recent tactics with its oil.
In the last few weeks, the Saudis refused to agree to the Organization of the Petroleum Exporting Countries (OPEC) cutting production as a way of dealing with an oil glut and falling prices. Then several days ago, the Saudis’ state-owned oil company cut the price it charges for oil sales to Asia and the United States. These moves …read more
Source: Montreal Gazette
