The Saudis understand, better than most US, UK, and French politicians, that a release from strategic reserves will not flow into the global market, but stay within the particular countries borders, and that no matter what, the releases will be temporary. Thus, the Saudis have no reason to lower either prices or production. They’ll just sell the black stuff at current prices and traders can sail the cargoes in circles until they find a buyer.
Paul Ausick
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