The fact that Saudi Arabia produces nearly 10 million barrels of oil a day is not the only reason it’s been called “the central bank of oil.” The desert kingdom has earned that designation by using that massive output to have a singular influence on the oil market for decades. Most recently, it has used its heavy hand to help keep the average annual price of Brent crude hugging $110 for each of the past three years. With oil prices plummeting of late, then, it was reasonable to assume that Saudi Arabia would respond to the rout by encouraging its fellow members of OPEC to slash production at their meeting late last month.
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