Saudi Oil War against Russia, Iran and US

Global oil prices have dropped to a four-year low after OPEC’s decision to maintain crude output in an oversupplied market. US benchmark West Texas Intermediate for delivery in January closed at a tad over sixteen dollars a barrel on the New York Mercantile Exchange. In London, Brent oil for January delivery sank below 70 dollars for the first time in four and a half years but settled at 70 dollars and fifteen cents a barrel. Oil prices plummeted following the oil-producing cartel’s decision NOT to cut output. Russian President Vladimir Putin said he had expected oil prices would fall after OPEC's meeting, adding that Moscow had not insisted on any specific action to stabilize them. Putin also said he was confident the oil market would find its balance by the middle of 2015.



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