Business Insider: Saudi Arabia could 'flush' the oil market with a flood of supply to regain control over prices in the face of rising US production, crude expert says
* Saudi Arabia may "flush" the market with a flood of supply that would sink prices, an expert said.
* That comes as OPEC+ concluded its latest meeting where members pledged voluntary production cuts without giving firm commitments.
* Meanwhile, US crude output has been on a tear this year, hitting new record highs.
Saudi Arabia may flood the market with more oil supplies, reversing its production curbs, as the world's top crude exporter tries to regain control of prices, an energy market veteran said.
That comes as OPEC+ concluded its latest meeting where members pledged voluntary production cuts without giving firm commitments, prompting oil prices to fall.
"We've more or less been saying potentially Saudi needs to just flush this thing out," Paul Sankey from Sankey Research told CNBC on Friday.
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Update: Saudi Arabia is struggling to boost oil prices, raising possibility of supply war with U.S.
WNU Editor: As oil consumers we are all lucky that high oil prices has resulted in this .... Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears (DNYUZ/New York Times).
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