Here is what I have heard/read.
Tell me where I maybe wrong.
I have heard that even thogh we are basically energy independent with the Saudis capable of producing over 10 million barrels per day they can still control the price of crude to a certain extent.
Currently, I have been told that the Saudis are pushing crude prices down since they want to kick Russians in the ass for trying to steal their markets while simultaneously destroying Iran who wants to nuke them to death.
They blame their current high rate of production, near ten million barrels per day I have heard on not wanting to lose market share but in reality its the above.
How close is that to the truth? I do respect your opinion.
We import almost as much crude oil as we produce ourselves.
http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm
http://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_epc0_im0_mbblpd_m.htm
the Saudis capable of producing over 10 million barrels per day they can still control the price of crude to a certain extent.
Saudi is the only one that makes significant cuts in production to raise prices. Other OPEC countries will make cuts sometimes to support higher prices but not as much.
I have been told that the Saudis are pushing crude prices down
Saudi, Iran and Kuwait have all lowered price to a discount from the Oman trading exchange.
They blame their current high rate of production, near ten million barrels per day I have heard on not wanting to lose market share but in reality its the above.
If you are asking what I think is Saudi's motivation, international politics are not my specialty. But Saudi sells oil to make money to pay for everything they spend money on. Maximizing that is probably their only goal, but they do have a long term viewpoint.