Can OPEC Agree on Oil Production Policy?
this year has had a devastating impact on petro-states all over the world. Whereas the Kingdom of Saudi Arabia, the world’s top oil producer and exporter, cut production in the 1980s to raise oil prices, officials in Riyadh have been determined to avoid a repeat of this experience, which cost Saudi Arabia market share. Yet the kingdom has paid a major price for this geopolitically motivated oil production policy, which has resulted in Saudi Arabia running a historic budget deficit of last year and adopting austerity measures as a result. ...
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