On top of the shale effect, the world’s largest oil exporter is also behaving differently. After three decades of trying to guide the market, Saudi Arabia is taking a hands-off approach.

Back in 2008, King Abdullah said a "fair price" for oil was around $75 a barrel and the country adjusted its production in an effort to stabilize the market around that level. Now Prince Mohammed bin Salman, the son of Abdullah’s successor, says the kingdom doesn’t care if the price is $30 or $70.
 

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