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In a rare interview with the Middle East Economic Survey, Al-Naimi said that Saudi production costs are no more than $5 per barrel, and that marginal costs of development are “at most” $10 per barrel. As 2014 drew to a close, estimates were that it cost U.S. frackers as much as five times that to get a barrel out. “Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce?” asked Al-Naimi. “That is crooked logic. If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, U.S. shale oil producers will take my share.” Al-Naimi and OPEC thus came to the decision to leave production levels where they were.
Saudi America
Bethany McLean
His idea of fighting was to shadowbox with Old Guard Republicans and ignore his opponent. These tactics had crushed Hoover, Landon, and Willkie; and in a celebrated speech he displayed a new and even deadlier weapon—derision. Singling out a congressional trio celebrated for obstructionist tactics—Joe Martin, Bruce Barton, and Hamilton Fish—he defended his achievements and said everyone approved except “Martin… Barton… and Fish.” By the third time he used the phrase his audience had caught its cadence and was chanting with him, “Martin… Barton… and Fish.” It was funny, and it was powerful political medicine. Even more effectively, he seized upon a GOP whispering campaign that he had left his Scottie behind on the Aleutian Islands and dispatched a destroyer to bring the dog back. In a voice edged with sarcasm he told the Teamsters Union—and the country, by radio—that “These Republican leaders have not been content with attacks on me, or my wife, or my sons. No, not content with that, they now include my little dog Fala…. I think I have a right to resent, to object to libelous statements about my dog.”
The Glory and the Dream
William Manchester
Discipline #1: Focus on the Wildly Important As the authors of The 4 Disciplines of Execution explain, “The more you try to do, the less you actually accomplish.” They elaborate that execution should be aimed at a small number of “wildly important goals.” This simplicity will help focus an organization’s energy to a sufficient intensity to ignite real results.
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