Tag: Saudi Arabia

Saudi Crown Prince No Longer Interested in “Pleasing” the U.S.

The apparent deterioration in US-Saudi relations comes amid a recent worldwide trend toward de-dollarization with key, ascendent geopolitical actors, including but not limited to China, Russia, India, and Brazil all taking steps to reduce their use of the U.S. dollar.

Saudi Arabia Cuts Oil Production

According to Reuters, the total of recent cuts by the OPEC+ group, which includes Russia, has increased to 3.66 million bpd and accounts for 3.7% of global demand.

OPEC+ Announces Cutting Oil Production by 2 Million Barrels a Day

In a move that left the White House “disappointed,” OPEC+ announced a cut of its oil production by 2 million barrels a day, which amounts to 2% of global oil production. The political and economical fallout may have far-reaching consequences.