Competing goals make Saudi oil policy hard to predict - FT.com:
"When Saudi Arabia last month announced with Russia and other big oil producers a conditional agreement to freeze production at current levels in the face of rock bottom prices, the decision was seen as an indication that it was changing policy. Economics had finally trumped geopolitics. Where Riyadh’s earlier decision not to cut output was seemingly spurred by geopolitical rivalry with Iran and Russia, economic hardship had catalysed co-operation.
It is correct to focus on both economics and geopolitics in assessing Saudi behaviour. There is just one problem: most people get it back to front, concluding that geopolitics are the dominant driver when economics are, and vice versa."
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