From: Yona Maro

The oil market has long been dominated by the Kingdom of Saudi Arabia because of its ability to produce and export large quantities of crude oil, a valuable globally traded commodity. Saudi Arabia’s role is further enhanced by its ability to maintain a surplus capacity that can act as a strategic cushion during times of market tightness, allowing production to be expanded in relatively short order. For that reason the kingdom has been crucial to the stability of the oil markets.

http://csis.org/files/publication/120831_Akhonbay_SaudiArabiaEnergy_Web.pdf

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