Middle East Eye
Saudi Arabia's move to slash
prices, prompted by a row with Russia, could devastate its own revenues,
derail its Vision 2030 plans and antagonise its allies. So why did
Riyadh do it?
In 1985, US vice president George HW Bush visited Saudi Arabia to
pressure the kingdom to flood the global market with cheap oil and
squeeze the energy revenues of the Soviet Union.
The move pushed oil below $10 a barrel, reasserted Saudi Arabia's dominance as the world's top oil player, and dealt what some consider a crippling below to the ailing Cold War superpower.
Fast forward to March 2020, and an oil price war is being played once again, with consequences for Washington, Moscow and the entire global economy.
Recent production cuts agreed between Opec+ members, the global oil cartel, fell apart as Saudi Arabia clashed with Russia over prices and Riyadh raised production to 13 million barrels per day (bpd). The oil price dropped by 25 percent to $36 a barrel on Monday.
The move is considered a gambit by both Saudi Arabia and Russia, which did not want as deep a price cut as Riyadh, to counter the growing market share of the US shale industry.
"From the Russian point of view they are seeking a redistribution of market share, which is the same thing the Saudis want," said Theodore Karasik, a senior advisor to Gulf State Analytics, a Washington-based consultancy.
"This dance between the two is like a relationship between a separated couple; they are arguing over relationship dynamics and will soon recognise the market has adjusted to where they can sit down and clink glasses."
To read the rest go to: https://www.middleeasteye.net/news/oil-prices-how-saudi-arabia-gambit-russia-could-backfire-vision-2030
The move pushed oil below $10 a barrel, reasserted Saudi Arabia's dominance as the world's top oil player, and dealt what some consider a crippling below to the ailing Cold War superpower.
Fast forward to March 2020, and an oil price war is being played once again, with consequences for Washington, Moscow and the entire global economy.
Recent production cuts agreed between Opec+ members, the global oil cartel, fell apart as Saudi Arabia clashed with Russia over prices and Riyadh raised production to 13 million barrels per day (bpd). The oil price dropped by 25 percent to $36 a barrel on Monday.
The move is considered a gambit by both Saudi Arabia and Russia, which did not want as deep a price cut as Riyadh, to counter the growing market share of the US shale industry.
"From the Russian point of view they are seeking a redistribution of market share, which is the same thing the Saudis want," said Theodore Karasik, a senior advisor to Gulf State Analytics, a Washington-based consultancy.
"This dance between the two is like a relationship between a separated couple; they are arguing over relationship dynamics and will soon recognise the market has adjusted to where they can sit down and clink glasses."
To read the rest go to: https://www.middleeasteye.net/news/oil-prices-how-saudi-arabia-gambit-russia-could-backfire-vision-2030
2 comments:
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