You're ignoring the historical and current role of Saudi Arabia in manipulating world oil prices. It has always been the Saudis who have cut production when other OPEC members weren't happy with prices. And it's the Saudis who have stepped up production when production is disrupted elsewhere.
Although their share of world oil production isn't what it once was, they still remain in a unique position to control oil prices: 1. They're basically tied with the US and Russia as the leading oil producing country. 2. Unlike the US, they consume almost none of their own oil. 3. Unlike Russia and most of the other major oil exporters, they don't really need their oil revenues; they can afford to basically give away their oil. Welfare state or not, they have enough cash and investment income to do without oil income for a long time.
Believe it or not, if the Saudis wanted to bring in more revenue, they'd cut production and let prices rise so they're making more per barrel. It's costing them money to drive prices this low.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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