RIYADH (Bloomberg) -- Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale.

Al-Falih, also chairman of the state producer Saudi Arabian Oil Co., said on his first day in office on Sunday that he will maintain the kingdom’s oil policy. His predecessor, Ali al-Naimi, had been leading a policy prioritizing sales over prices since 2014, driving some higher-cost producers, including U.S. shale drillers, off the market. In so doing, Saudi Arabia boosted output, adding to a supply glut. The strategy is showing signs of succeeding this year, with prices gaining more than 60% since tumbling to a 12-year low in January.

http://www.worldoil.com/news/2016/5/8/saudis-new-oil-boss-seen-chasing-record-output-to-stymie-shale

They are such idiots. They are just pumping it and giving it away.

Why not cut production a bit, earn probably the same money for what you're pumping and leave more in the ground for when the frackers of run out of things to frack?

You have heard many people say "they will never understand Thai mindset". Many people say the same about the Saudi mindset / thinking. There are many people who having dealt with both groups say there are a lot of similarities between the two.