You heard wrong, Saudi Arabia is only producing around 9.5 million BPD equivalent, about 10% less than there 15 year average and roughly 75% of available capacity. Saudi Arabia still has the lowest lift cost in the world, they don't have any ''debt'' to service and they can maintain their welfare state on $20 oil. The real reason crude prices have dropped is because th US oil industry is the most efficient and productive in the world and demand has dropped because the world economy is basically in shambles, the US economy has been artificially propped up by QE and the results of the discontinuation of same is soon coming home to roost.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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