Saudis’ war on the oil markets targets U.S. frackers, Iran, Venezuela

Saudi Arabia is going all out in its war on U.S. shale oil and to preempt the return of Iran’s oil production after sanctions are lifted.

Even as the price of crude sunk below $40 per barrel, the Saudis and OPEC decided on Dec. 4 to increase production by 31.5 million barrels per day.

Analysts say the Saudis may be willing to let the price of crude slide near the $20 per barrel mark in order to drown out competition from United States shale producers. Continue reading