Saudi Arabia's Role in OPEC
Saudi Arabia is the largest crude oil producer in the world, currently producing approximately 8.0 million barrels per day. The Saudis have a unique role in the OPEC cartel. Because Saudi Arabia is the largest producer, its voice carries a great deal of political influence in OPEC. Some might argue that Saudi's voice can be heard beyond the confines of OPEC. Others might contend OPEC no longer matters in the marketplace.
As far as crude production is concerned, there are few, if any, producers that are capable of surpassing the Saudi's crude production. Quite simply, the Saudis remain the proverbial “big gorilla” in the crude oil marketplace. When OPEC commits to crude oil production cuts or increases, the Saudis will ...
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