Saudis are trying to raise their oil exports to 10.7M barrels per day, in March they reached 9M barrels per day.
I personally believe this move from Saudis is more about bankrupting Iran than taking back market share from US or Russia (even tho that will become the cherry on top of the sundae) and I'm guessing Trump is on board with the plan as well.
it ties in well with the rest of events in Middle East, considering the fact that the US war with Iran-backed militia groups in Iraq, syria and yemen has already started (Israel is currently carrying out their attacks in Syria)
it seems to me US, Israel and Saudi Arabia are teaming up to attack all militia groups backed by Iran inside Iraq, Yemen and Syria. so far it seems like Israel will attack in Syria while Saudis will attack in Yemen and US takes care of Iraq.
There is also a possibility of them attacking Iran in near future. our military bases are on alert mode right now.
we should keep an eye on this conflict as it can affect oil prices (in case saudi arabia oil facilities are hit in attacks by those militia groups)
I personally believe this move from Saudis is more about bankrupting Iran than taking back market share from US or Russia (even tho that will become the cherry on top of the sundae) and I'm guessing Trump is on board with the plan as well.
it ties in well with the rest of events in Middle East, considering the fact that the US war with Iran-backed militia groups in Iraq, syria and yemen has already started (Israel is currently carrying out their attacks in Syria)
it seems to me US, Israel and Saudi Arabia are teaming up to attack all militia groups backed by Iran inside Iraq, Yemen and Syria. so far it seems like Israel will attack in Syria while Saudis will attack in Yemen and US takes care of Iraq.
There is also a possibility of them attacking Iran in near future. our military bases are on alert mode right now.
we should keep an eye on this conflict as it can affect oil prices (in case saudi arabia oil facilities are hit in attacks by those militia groups)
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short version: there isn't a big effect, the only real effect is the transportation costs which will be lower with cheaper oil. but there is also the fear that staggering prices may foreshadow a coming deterioration in global growth. I think a lot of that "effect" oil has on stock market, is in terms of speculators using oil prices as a way of gauging the state of economic growth.