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@Crofton @jwildeboer It's also increasingly in their interest to play hardball. If they drop the price to $40 the US and Canadian producers go under. They'll not be able to get funding because it's also obvious that the Saudis can do this whenever they want and that oil is on a rather short runway at this point.
As a side benefit they get to screw their rivals in Iran and the Houthis.