With low oil prices hurting Saudi Arabia's ability to pay off its welfare obligations, Fitch Ratings downgraded Saudi Arabia’s credit rating again on Wednesday, bringing it perilously close to “speculative,” from “investment grade.”

 

A self-imposed economic trap has sprung on OPEC-leading Saudi Arabia, making it apparent that American technology has for all practical purposes ended the OPEC cartel. 

OPEC's epic failure to force oil prices higher will end its production cut agreement, and signal the end of the cartel itself.

With crude oil prices dropping despite OPEC's best efforts to raise prices, the day may already be here when oil sheiks can no longer control the price of oil.

Predicting the future for crude oil prices is a hazardous business at best, as the folks at IEA will soon find out.

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