BLOOMBERG.COM
Investors in February fixated on how and when Saudi Arabia would engage other producers clamoring for a way to boost prices. Crude in New York crashed by about half since the biggest producer in the Organization of Petroleum Exporting Countries led the group’s 2014 decision to not to cut output in the face of a global glut, opting instead to keep taps open to force out higher-cost rivals.
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Investors in February fixated on how and when Saudi Arabia would engage other producers clamoring for a way to boost prices. Crude in New York crashed by about half since the biggest producer in the Organization of Petroleum Exporting Countries led the group’s 2014 decision to not to cut output in the face of a global glut, opting instead to keep taps open to force out higher-cost rivals.
Read more>