They mainly decided not to cut their production.
And there is a good reason for this decision. Saudi Arabia tried cutting production in the ’80s to lift prices, and it was disastrous for them. Here’s a blog post with nice graphs showing what happened …
Understanding Saudi Oil Policy: The Lessons of ’79
And there is a good reason for this decision. Saudi Arabia tried cutting production in the ’80s to lift prices, and it was disastrous for them. Here’s a blog post with nice graphs showing what happened …
Understanding Saudi Oil Policy: The Lessons of ’79