Has Saudi Arabia declared "Oil Price War"?

[Full Moon]

Wanted to get your thoughts on the currently low oil prices, and the refusal by KSA to reduce its production. Opec's meeting in Vienna yesterday didn't result in an agreement to reduce members' production shares - despite the demands of Venezuela, Iraq, and others.

Asharq Alawsat is a Saudi newspaper (with government control) that reported today “ all the oil Ministers were worried, except Ali Al Nuami (the Saudi Minster) who managed to stay calm and smile to news correspondents”. This a common way of Saudi Media to spread messages quietly. I 've seen similar messages and headlines in the Saudi Media (that are under government supervision) in the last 3-4 weeks.

Is the oil price another effective weapon used in the war against Iran? or it is being used against Iran and shale oil producers at one shot? May be. Or it is just another challenge that oil producers must live with after shale oil revolution? Needless to say that consumers are already in the 7th heaven and pray for this war to continue (if it exists). They truly deserve to celebrate as it has been almost a decade of high energy prices!

Any one with an experience in oil related issues is welcomed to comment here.

 

[HAIDER]

West and Middle east joint effort to punish Russia for his recent acts. Plus US start pumping oil.

 

[Kaniska]

Its good to see that Oil price is going down...thank you Saudi Arab..

 

[A.M.]

West and Middle east joint effort to punish Russia for his recent acts. Plus US start pumping oil.

Ding ding ding

real question being what was Saudi Arabia promised in return? The answer most likely involves Iran.

 

[HAIDER]

Ding ding ding

real question being what was Saudi Arabia promised in return? The answer most likely involves Iran.

. Russia is biggest energy supplier of EU. Reduce in price will badly hurt Russian economy . That is one of the reason Russia remove arm embargo on Pakistan. Plus Iran is already facing sanction , this will hardly hurt Iran. If that's the reason KSA would have done that way before. Right now US close to Iran nuclear deal, wouldn't do anything which can intimidate Iran and push the negotiation any further or beyond Obrama tenure.
Iran EU, US nuclear treaty will be biggest Democrates victory for coming election.
KSA won't get anything in return, accept security from IS. KSA is slowly losing the center age of energy, because US production high and successfully maintained the production on their own shores.
And if TAPI show some success then oil price will fall more.

 

[Full Moon]

@al-Hasani @Mosamania @Arabian Legend, @JUBA, @rmi5, @Serpentine, @New @Sinan @xenon54

Oil price is dropping to as low as $ 71.25 per barrel today. This is after Opec’s Tuesday meeting which didn’t result in any production reduction. KSA is producing nearly 9.7 million barrels per day right now despite the crashing price and producers' demand for reducing its production. What is going on Gents?

 

[marbella]

i sell my things dirt cheap when i am in desperate need of money or when there is low demand of my things or when i just want to hurt my competetor, which eventually hurt me as well.

 

[Cheetah786]

Ding ding ding

real question being what was Saudi Arabia promised in return? The answer most likely involves Iran.

You know what they say "Dig a hole for some one else and you will fall in it".

 

[rmi5]

@al-Hasani @Mosamania @Arabian Legend, @JUBA, @rmi5, @Serpentine, @New @Sinan @xenon54

Oil price is dropping to as low as $ 71.25 per barrel today. This is after Opec’s Tuesday meeting which didn’t result in any production reduction. KSA is producing nearly 9.7 million barrels per day right now despite the crashing price and producers' demand for reducing its production. What is going on Gents?

ksa doesn't want to lose her share in market. Also, USA has encouraged ksa to keep oil prices low, which would harm Russia and even Iran in some extent.

 

[AZADPAKISTAN2009]

To go down from 100+ dollar to 71 Dollar is big move specially with War in Syria and ISIS

Strange the oil companies milked the world for $$$$ earlier but now when Russia is involved they are playing dirty tricks

 

[Chinese-Dragon]

BBC News - Oil prices plunge after Opec meeting

Down to $69 per barrel.

Great for us, since we are the largest energy consumers on the planet.

 

[BLACKEAGLE]

@al-Hasani @Mosamania @Arabian Legend, @JUBA, @rmi5, @Serpentine, @New @Sinan @xenon54

Oil price is dropping to as low as $ 71.25 per barrel today. This is after Opec’s Tuesday meeting which didn’t result in any production reduction. KSA is producing nearly 9.7 million barrels per day right now despite the crashing price and producers' demand for reducing its production. What is going on Gents?

It's obvious, there has been some sort of secret agreement between the West and the GCC especially the KSA to pull the oil prices down before the end of Iranian nuclear talks to force it to kneel down to their demands regarding it's nuclear program and it's policy in the Arab world. Russia comes as the second target here to force her to soften her tone in Ukraine and Syria So it's basically hitting more than one bird with the same stone. The third bird here is helping oil importing allies especially Egypt.

Very smart and effective policy that will surely work out in getting Iran down.

 

[BLACKEAGLE]

BBC News - Oil prices plunge after Opec meeting

Down to $69 per barrel.

Great for us, since we are the largest energy consumers on the planet.

The misfortunes of some people are advantages to others

 

[AUz]

Stupid Saudis behaving nicely with their masters again. West will be happy and might throw some bones towards their most loyal, but dumb, dog.

Arab-Iranian rivalry is the most stupid thing I've seen.

 

[xenon54 out]

@al-Hasani @Mosamania @Arabian Legend, @JUBA, @rmi5, @Serpentine, @New @Sinan @xenon54

Oil price is dropping to as low as $ 71.25 per barrel today. This is after Opec’s Tuesday meeting which didn’t result in any production reduction. KSA is producing nearly 9.7 million barrels per day right now despite the crashing price and producers' demand for reducing its production. What is going on Gents?

Well maybe Opec is not ready for democracy yet.