As the OPEC+ deal has expired, Russia and Saudi Arabia remain at odds, though the United States offered encouraging words that production cuts might be negotiated
The Russian-Saudi feud over oil production has destabilized the market even as the industry faces anemic demand and the potential for a
legion of layoffs
because of the coronavirus pandemic.
On the heels of plummeting prices, the market
rallied April 2
after US President Donald ...
... want to “harm Russia” in a similar way
[2]
, and Iran’s former oil minister Masoud Mir Kazemi believes that the USA and Saudi Arabia are also reckoning on damaging Iran.
“Am I the only one who thinks this, or is it really an oil war in which the USA and Saudi Arabia are taking action against Russia and Iran?” writes the well-known American political commentator Thomas Friedman. He assumes that Saudi Arabia and the USA intend to “pump Iran and Russia to death”, in other words to “bankrupt ...
... as it is in fact a double-edge sword, if it prices oil too highly by lowering production [which is not instantaneous, as markets must firstly adjust], it also leads to alternatives being more appealing. It would be wrong to suggest that emergence of USA shale oil boom was due to Saudi Arabia/OPEC pricing policy, as it was more to do with speculation, but still, as prices increased to all time highs US local producers decided to jump on the bandwagon. I doubt that the US will be able to overtake Saudi Arabia and Russia as some ...
