Monthly crude oil production from Saudi Arabia, January 1973 to June 2014, in thousands of barrels per day. Data source: EIA. Shaded regions correspond to U.S. economic recessions.
Monthly crude oil production from Saudi Arabia, January 1973 to June 2014, in thousands of barrels per day. Data source: EIA. Shaded regions correspond to U.S. economic recessions.
There is a political aspect to this as well. The Saudis know that lower oil prices will hurt Russia more than they hurt them, and Russia is supporting Iran.
Targets are Iran and the US crackers.