The Saudis are dumping oil in the market (possibly at our behest to hurt the Russians, Persians, and IS??, possibly for economic reasons of their own).
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Kinda depends on what you mean by “dumping oil in the market”. Saudi production, as a practical matter, is unchanged for the last 42 months. The Saudis haven’t flooded the market. Other producers, including the US, have increased, in some cases, dramatically, their production. And the demand/supply balance is extraordinarily inelastic. There is no place to put extra oil. When there is extra (even a little extra) produced, prices drop. When there is a shortage (even a small shortage), prices rise.
I’m not saying the Saudis haven’t made some calculated decisions over the last 90 days. They have. But they didn’t cause the glut. And they’re not the only ones that can fix it.
