Russian and GCC Perspectives: OPEC, Russia, and falling oil prices

... Minister stated after the negotiations, that the freezing of production quotas at January levels is «adequate» and that the Kingdom will be able to cover consumer demand . Coming to the interests of OPEC member states, it should be noted that Saudi Arabia undoubtedly worried about maintaining its global market share and containing the US' shale oil production expansion, therefore flooding the market with oil and causing a drop in prices. In November 2015, Riyadh started selling its oil at a discount of 50% to market prices, and further increased the discount to 60% from January 1, 2016....