OPEC, primarily Saudi Arabia, has found blame for the recent price collapse, with calls from the US Congress for tariffs, import bans and sanctions. To start this week's Capitol Crude, Senator Kevin Cramer, a North Dakota Republican, talks about his views on how the Saudis are trying to crater prices and destroy the US shale industry.
But how much can OPEC really do to stem the recent oil price collapse? Why was OPEC's role as a swing producer unable to offset the demand impacts of the spread of the coronavirus? Is there anything OPEC can do to stabilize the market?
On this week's episode, Andrew Stanley an oil market analyst at The King Abdullah Petroleum Studies and Research Center or KAPSARC, a global think tank in Riyadh, and Kaushik Deb, the acting Director of the Markets and Industrial Development program also at KAPSARC, discuss OPEC's function in today's world oil market.