All eyes on Saudi Arabia as ups and downs of oil price plunge considered

The end months of 2014 were grim ones for major oil-producing states everywhere, especially those in the Middle East. As the region continued grappling with the aftershocks of the Arab Spring and the threat of the Islamic State, they also watched the price of oil swoon. All eyes have turned to Saudi Arabia, a leading oil producer and dominant member of the Organisation of the Petroleum Exporting Companies (OPEC). It pumps around 9.5-million barrels a day, exporting seven-million barrels, and has capacity to spare.