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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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