I believe that oil is one of the very few ways that Saudi Arabia can squeeze Iran other than the proxies in open warfare. So, I doubt that SA will significantly cut production because with Iran back in the market very, very soon, it makes sense to me that SA depress the price.
Bear in mind that when oil was north of 100$, it was a common position that there was no fundamental reason for it to be that high and it was unsustainable. Now that its cycled down and allegedly dragging the market, I wonder if the 'drill baby drill' crowd are doing any reconsidering.
Back on topic I plan to lay in reserves of engine oil too.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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