Saudi Arabia Tests The Power Of Production Cuts
Forgive me , but I’m not sure what this all means. Sounds like market forces working like they’re supposed to ?
Of the top 10 oil producing countries (https://www.eia.gov/tools/faqs/faq.php?id=709&t=6 ) most are now a part of or will soon be a part of BRICS - China, Saudi Arabia, Russia, UAE, Brazil, Iran . Most people are focused on them coming up with their own currency, To me this is just as much a blow to the petrodollar because although they may not control what is used for the purchase of the product yet, they control the PRODUCT itself!