Saudi Arabia puts off day of reckoning on oil production | Financial Times:
When Brian Hook, the US envoy on Iran, declared himself “very pleased” last week with Saudi Arabia’s efforts to ensure oil markets are well supplied, he was engaging in some diplomatic footwork worthy of an Olympic gymnast.
As tensions have soared between Washington and Tehran, the US has been grateful that the oil price has risen only marginally to $65 a barrel, despite the threat that conflict could pose to supplies from the Middle East.
But for all the public thanks, Mr Hook knows as well as any oil analyst that Saudi Arabia has played little part in keeping prices in check this year.
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