Can't blame it all on the Saudi's. It was a conglomeration of a number of factors with the biggest one being the US went from producing 5MM bls/day to $10MM just in the last 5-7 years....that's huge! Now demand is decreasing (China), another big factor; then there's Iran coming back in full swing.
Can't blame the Saudis for sticking to their guns, I just think they won't be able to stick to them much longer with the outside pressure they are starting to feel from both OPEC and non-OPEC countries. However all that plays out is anybody's guess, an agreement is one thing, sticking to it is another and for countries like Russia, oil supply is not easy to control.
Lastly, don't expect oil prices to jump all that much should an agreed upon supply decrease be put in place, the US O&G companies can quite readily fill any supply gaps.
