Oil price and the RussiansSo I have been doing some digging throughout the history of oil price shocks either up or down and here is what I get. Saudis always cut production when prices slide precipitously and they ramp up production when the US tells them to quell high oil prices. The last month the Saudis have ramped up production to record levels. Why? Some say it is to bankrupt the frackers.,..perhaps. But maybe, this is a cooked deal. The US is not reliant on OPEC oil near as much as they once were, but the Russians need oil money to fund their country big time.
This is an oil sanction on the Russians! The Saudis don't like Putin, a competitor in the oil markets, more than happy to comply with the US/European request to punish Putin. This is manipulation, pure and simple.