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Saudi Arabia’s New Oil Plan Shows It’s Just Not That Into OPEC

  • Kingdom gutting OPEC’s role in solo quest for market share
  • Aramco IPO plan may curb Saudi state control over oil policy
Bloomberg business news

Saudi Plan Could Sideline OPEC

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Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell.

The world’s biggest crude exporter has already undermined OPEC’s traditional role of managing supply, instead choosing to boost output to snatch market share from higher-cost producers, particularly U.S. shale drillers, and crashing prices in the process.