As Saudi increases oil production, we look at what impact the decision might have on the global economy
, compared the current situation to the 1980s. He said that at the time, “Saudi Arabia was carrying the weight for OPEC by making huge production cuts while other members, most notably Iran, did not meet their agreed targets.”
According to Bowlus, when seen in this light Russia's refusal to cut down production is “somewhat puzzling”.
According to Fickling, Saudi appears to have an advantage thanks to low production costs. But to Fickling this is misleading measure as Saudi Arabian Oil Company’s overhead costs are higher than its competitors, because it’s “an institution almost indistinguishable from the Saudi state itself.”
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