Saudis Slash Oil Output, Say Market Oversupplied

Saudis Slash Oil Output, Say Market Oversupplied

The Saudis have lost a lot of oil income, recently, by taking up the slack for a lack of Libyan oil. They have 'bribed' their population with wage rises and Grants for projects. Their main loss, however, has been incurred helping out in Bahrain. So by simply turning off the tap, the price of oil increases and they make back the money that they have laid out.