Al Falih Saudi Arabia has wielded immense power over both the oil producers and consumers based on its proven oil reserves. It not only has the second largest proven oil reserves at 266 billion barrels, its cost of producing a barrel of oil is as low as $8.98 a barrel, according to an article in The Wall Street Journal . In contrast, in 2014, the cost of producing a barrel of U.S. shale oil ranged anywhere between $50 to $80 a barrel , and the total proven oil reserves at that time stood at 55 billion barrels—relatively small in comparison the reserves on Saudi soil. Using these strengths, Saudi Arabia embarked on a strategy to scuttle the rapid growth in U.S. shale oil production. Though two years down the line, Saudi Arabia has managed to reduce U.S. production and gain 1 percent of the market share, it has lost […]