It'll Take Much Cheaper Oil For Saudi Arabia To Act

THERE comes a time when any self-respecting cartel boss has to focus on protecting his turf. Saudi Arabia has spent the past nine months fighting to safeguard its share of the global oil market, increasing its own crude production to record highs. That exasperates its weaker OPEC partners. It also seems utterly self-defeating, especially after world oil prices plunged below $45 a barrel on August 24th, a six-and-a half year low. Some say its folly is attempting to fight an unwinnable war against American “frackers”. But its eye may be more on local Shia-led rivals, Iraq and Iran.