You're ignoring the historical and current role of Saudi Arabia in manipulating world oil prices. It has always been the Saudis who have cut production when other OPEC members weren't happy with prices. And it's the Saudis who have stepped up production when production is disrupted elsewhere.
Although their share of world oil production isn't what it once was, they still remain in a unique position to control oil prices: 1. They're basically tied with the US and Russia as the leading oil producing country. 2. Unlike the US, they consume almost none of their own oil. 3. Unlike Russia and most of the other major oil exporters, they don't really need their oil revenues; they can afford to basically give away their oil. Welfare state or not, they have enough cash and investment income to do without oil income for a long time.
Believe it or not, if the Saudis wanted to bring in more revenue, they'd cut production and let prices rise so they're making more per barrel. It's costing them money to drive prices this low.
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Today's Featured Article - A Tractor's Point of View - by John Manley. I began my life on August 3,1941. I was actually built at different times and days but I was officially an M Farmall on August 3.I was real nice and shiny. That�s me, in the old picture, third from the left. I was loaded on that train and sent to a little town in South Carolina. I didn�t get to see much of that town. I was moved off the train fast and on to the dealer�s
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