Saudi Arabia Raises Asia, Europe Prices; Cuts US Prices…” Forget currency wars, meet oil wars…”
by Tyler Durden
ZeroHedge.com
11/03/2014
It appears, just as we warned two weeks ago, that the ‘dumping strategy’ designed to punish Obama’s nemesis Putin could have morphed into a Saudi Arabian strategy to keep its foot on the neck of the US Shale Oil industry. In an awkward headline for mainstream media to explain, The Kingdom has raised prices of its Arab Light crude exports to Asia and Europe but cut prices to the USA significantly, potentially pressuring domestic suppliers with foreign ‘cheap’ imports. While not a primary course of US oil, we suspect the signaling of this move is more worrisome for Shale capex (especially as we noted Saudi Arabia can survive 7.9 years at lower prices) Forget currency wars, meet oil wars…
The Rest…HERE
