Sorry,
Saudi Arabia
and
Russia
, you are wrong to believe you can set the price of
oil
on global markets.
The U.S. is producing over 13 million barrels a day, 1 million more barrels a day than just one year ago. Saudi Arabia produces about 10 million barrels a day, and Russia is at about
9 million
a day. Speculators and investors increasingly ignore the price noise from Saudi Arabia and Russia, the two largest producers of oil after the United States.
GLOOM: CONSUMER SENTIMENT FALLS AND INFLATION EXPECTATIONS RISE
Top line: Saudi Arabia and Russia have lost the war to determine global oil prices. On Wednesday, the Organization of Petroleum Exporting Countries, OPEC, announced that it was delaying its next meeting from this week to next. Oil traders realized that the two countries are now price takers, not price setters. On the announcement that the meeting was being…
