For years, Saudi Arabia has vowed to intervene in the oil market only in concert with OPEC bigwigs ¡ª and rarely, if ever, alone.
Call it the oil version of ¡°all for one, one for all.¡± On Sunday, Riyadh threw away its own rule book, announcing a unilateral output cut that would push the country¡¯s production down to levels rarely seen in the last decade.
The market reaction? Meh. Oil rose a lackluster 2% in early trading on Monday, with Brent still below $80 a barrel.
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