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6,030 Posts.
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06/09/16
18:45
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Hindmost,
It is harder to move the price up than move it down. BP were a follower. Why destroy your margin by leading the price down.?
If you look at the economics the Saudi's have suffered hugely.
For example 12 million barrels per day x ( $110-40 =$70 ) x 2 years equals $613.2 Billion in lost profit.
That's a lot to recover through a small market share gain at a lower price.
Unless they are doing it in the interests of the world.