RE:saudis are disgraceful
what would you do to keep market share. OPEC only produces 30% of global demand, the market will sort itself out. Sanctions on oil equipment and tech on Russia, other members need higher oil prices for their budgets Nigeria Venezuela. Let them sell their oil at rock bottom prices only means their reserves will dwindle faster.
Not saying I agree or like their stance but we can flip the coin and say let North America cut their supply. Why sell high cost oil when it is cheaper from the Saudies. Why bother fracking or oil sands which cost more to extract.
Because basically we are giving away our oil at these prices but governments need the money. Short term pain or long term gain. Perfect time to optimize, upgrade perfect Canadian tech for when oil comes back up to reduce our production costs and maximize profits.