The Saudis mishandled the new market realities for oil

NY Times:

As Obama Visits Saudis, Turmoil Besets Kingdom


As Saudi Arabia prepares to greet the president, it has responded unpredictably to low oil prices, rising Iranian influence and fears of a widening rift with the United States.
Their predicament is not solely their fault but they do deserve a good part of the blame.   Their response to the US shale revolution was to try to kill it with increased production and low prices.  That strategy has been a disaster for them and OPEC.  They managed to turn the market manipulating cartel into s suicide pact that is killing off the weaker players within and burning through their reserves.

They are also victims of Obama's terrible deal with Iran that not only gives a mortal enemy the funding to attack them but also has exacerbated the problem with the glut of oil.  Obama has strengthened their enemy and weakened the Saudis.  He bears some responsibility for their turmoil.

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