As oil prices have plummeted in recent weeks, all eyes have been on Saudi Arabia. What are they planning? Are they trying to put US shale out of business? Or are they gunning for Russian producers, sensing weakness as Western sanctions tighten? Or are Iranian rivals in their sights? None of the above, analysts say. According to Bill Farren-Price, CEO of Petroleum Policy Intelligence, "Whenever there are questions over what the Saudis are thinking, people tend to revert to their default setting, which is that 'this is clearly a political gesture' and what they are doing is part of some grand design." This, he said, is "an absolute myth." In other words, the markets need to get past cultural stereotypes-—that of the scheming Middle-Eastern villain seen at the cinema—and realize that OPEC producers are businessmen. And from a businessman's point of view, maintaining output has been the only option for the Saudis in recent weeks.
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