The Saudi's bad bet on a war of attrition in oil markets

NY Times:

Despite Financial Risks, Saudi Arabia Keeps Pumping Oil

As petroleum prices plummet and the kingdom burns through its financial reserves, the Saudis are betting they can win an oil war of attrition.
So far their strategy is not working, and their financial reserves are dwindling like most of the other petrostates.   Venezuela is already near default on many of its obligations and it can't even pay its UN dues, thereby losing the right to vote.  While some producers in the US are in financial distress the capital is there to have buyers step in to take over their operations.


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