Oil Prices Collapse To $69 On New COVID Fears

There was never really a good reason for Saudi Arabia to comply with the wishes of U.S. President Joe Biden to increase oil production to lower prices for oil-consuming nations. Still, the possibility that OPEC+ would raise production in response to pressure from the White House was portrayed as a legitimate possibility in the media.   But OPEC+--largely influenced by its two largest producers, Saudi Arabia and Russia—is looking at a longer-term view.  Aside from the long-term view of oil supply and demand—which Saudi…