Saudis remain best bet for oil price stability

12/09/2002
There once was a time when Saudi Arabia labored mightily to avoid the role of swing supplier for the world oil market.It was in the process of fulfilling that role that the kingdom saw its own market share shrivel to a level that it could not survive economically. The Saudis' response to that development was the innovation of a netback pricing scheme that brought customers scrambling back. Anyone who was involved with the oil industry in 1986 knows the consequent result: a devastating price collapse and industry retrenchment that still has some lingering legacy traces.The last time it chafed under the burden of swing supplier was when the kingdom got crosswise with Venezuela over the ...
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