Saudi Arabia has dropped the price of crude oil that it sells to the U.S.
This move drove prices down to their lowest in three years. Saudi Arabia is the biggest producer in the Organization of Petroleum Exporting Countries (OPEC) and members are reportedly in a price war due to a surplus of supplies.
Slate reporter Jordan Weissmann joins Here & Now‘s Jeremy Hobson to talk about what’s behind the Saudi move and what effect it may have on the market.
Guest
- Jordan Weissmann, senior business and economics correspondent for Slate. He tweets @jhweissmann.
Copyright 2021 NPR. To see more, visit https://www.npr.org.