wallstreetonparade.com / Pam Martens and Russ Martens /October 7, 2014In the mid 1980s, there was a different King and a different oil minister in Saudi Arabia than present today, but, other than that, the threat of an oil price war within the ranks of OPEC has all the hallmarks of early 1986.
Typically, cartels like OPEC are supposed to act in unison on prices. But last Wednesday, Saudi Arabia’s state-owned oil company, Saudi Aramco, stunned world oil markets by acting alone in cutting its official crude price by $1 per barrel for November deliveries to its Asian customers. It also dropped its price by approximately 40 cents per barrel to U.S. and European customers.
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