SG, there is only one country that can dictate world crude oil prices: Saudi Arabia.
The current top three producers, the US, Russia and Saudi Arabia, produce roughly a third of the world's oil. But the US doesn't export its oil. Russia, on the other hand, has to export oil because that's its biggest source of foreign currency. Saudi Arabia exports nearly all of its oil, but it doesn't really need the money. That leaves the Saudis in the enviable position of being able to set oil prices just by increasing or decreasing their production. They can send the price into the basement as they're doing today by cranking up production, or they can cut production and watch prices soar into the stratosphere.
There are a couple of other reasons why Saudi Arabia is in a position to control the price of oil: Their production cost is the lowest of any major exporter, yet their "light" crude is a better product than most countries produce. They can easily undercut the price of any other major producer.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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