#344: The Kingdom
Macroaggressions
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The Saudi Arabia Cut Production by a Million Barrels Per Day
Saudi Arabia voluntarily cut their production by a million barrels per day. The Saudis need oil to be above $80 a barrel, according to people that know the industry. If they choose to refine pull out of the ground a smaller amount and refine a smaller amount, then the price of every barrel of oil will go higher. It's just basic supply and demand. We're going to be dependent on oil for a little bit longer whether we like it or not.
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