Saudis’ Oil Price War Is Paying Off - Bloomberg Business

Saudis’ Oil Price War Is Paying Off - Bloomberg Business:



"Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.



U.S. drillers are idling rigs at a record pace, gutting investment plans and laying off thousands of workers.



Those steps highlight how the Saudi-led OPEC decision on Nov. 27 to maintain output levels and protect its market share is having the desired effect -- pushing prices down so far that they threaten to curb output in the U.S. and other non-OPEC countries. Saudi Arabia, the most powerful member of the Organization of Petroleum Exporting Countries, will maintain that tack when the group next meets in June, according to some of the world’s biggest banks."



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