The Saudis Can’t Save the Oil Market – Seeking Alpha

The oil markets are in decline today on the heels of a Saudi decision to provide additional crude volume. The move comes as divisions within OPEC intensify (for reasons we discussed in “What Iran’s Oil ‘Musical Chairs’ Could Mean for the Region,” June 3). There is still no indication how much additional Saudi oil will be flowing, but the prospect alone was enough to move the market price down more than 2.5% in New York and 1% in London.