This is the only must-read article for the day. Link to Simon Watkins. Sometime ago I mentioned that this analyst is my favorite or may be my favorite. I forget exactly what I wrote. But his contribution today over at oilprice is spot on. I will re-post this later. I don't want it to get lost in the clutter.
If you want more proof of another blunder by Saudi Arabia, see this post.
The Simon Watkins link above archived here.