This is really interesting in the FT today. Amongst a raft of dull domestic stuff is this piece on the fall in Saudi Arabia's market share in many of its key markets, including China, South Africa and Europe.
All under big pressure from Russia, Iraq and soon to be Iran.
No wonder in January Saudi Arabia agreed to hold production in discussions with Russia. Since then the oil price has bounced from around $30 per barrel to around $40 per barrel. This is somewhat of a goldilocks zone currently as it is still well below shale oil costs but enough for the petro states to exist without defaulting or getting into debt.
It does show that Saudi Arabia is at the limits of its powers today; withdrawing from a poor battle in Yemen, unsure who to support in Syria and now roundly hated worldwide for exporting Wahhabi Islam.
30 years ago the Saudi/US team was able to easily dominate the world, maybe even 20 years ago. But no longer. This is no bad thing given the ludicrous uses to which Saudi put its petro power; the it is another sign that the world is becoming more multi-polar in orientation.