By Tracy Johnson, CBC News, October 17, 2016
Saudi Arabia built its market share as prices dropped, and every oil producer got poorer
Two years ago, a barrel of oil sold for $82.04 US, and Saudi Arabia was producing somewhere around 9.75 million barrels a day, a potential $800 million a day in revenue.
Last month, Saudi produced 10.5 million barrels a day and sold that oil for less than $50 US a barrel, a potential $525 million in revenue per day. No matter how you do the math, that’s a chunk of foregone revenue over the past two years of pain.
