Oil Prices Drop Despite Saudi and Russian Aims for $100/Barrel
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Oil prices rose in September after Saudi Arabia and Russia aimed for $100/barrel, but have since fallen 15% despite their position staying the same.
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Saudi Arabia blames oil price drop on speculators and says demand is still strong, accusing data of being misleading.
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Small output increases from minor producers like Nigeria and Angola are likely insignificant compared to cuts by Saudi Arabia and Russia.
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Saudi Arabia argues the data tracks exports not production, and exports fluctuate seasonally, so it could be wrong.
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If oil prices rise near U.S. elections it could damage Biden, so Saudi Arabia may be targeting $100/barrel to influence the outcome.