Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?
Green Car Congress
OCTOBER 20, 2015
Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices. Venezuela, an OPEC member, has even proposed an emergency summit meeting. This apparent bravado notwithstanding, the two countries’ entry into the low-price Crudedome is ravaging their economies.
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