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_rpd comments on Open thread, Jan. 18 - Jan. 24, 2016 - Less Wrong Discussion
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Their oil production didn't rise that much. They didn't really flood the market. They mainly decided not to cut their production.
And there is a good reason for this decision. Saudi Arabia tried cutting production in the '80s to lift prices, and it was disastrous for them. Here's a blog post with nice graphs showing what happened ...
Understanding Saudi Oil Policy: The Lessons of ‘79