Posted by WARREN MOSLER on June 24th, 2011
Looks like the Saudis left the OPEC meeting saying they wanted crude 80-90 and didn’t need OPEC to do it.
The Saudis realize that to stay in power they need Obama’s support.
This latest move is an understanding with Obama to give him all the credit and keep the fact that the Saudis are price setters out of the headlines.
And there is probably an understanding that the Saudis will keep the price low enough so the US can later refill the reserve at the lower prices.