For more than 70 years, the global oil patch was largely ruled by a U.S.-Saudi Arabia "Oil for security" pact: America promised to protect Saudi Arabia from its numerous enemies in the region while the Saudis cooperated in setting oil prices.
Of course, once Mr. Trump achieved U.S. energy dominance - and surpassed Saudi Arabia as the world's largest petroleum producer - America assumed the dominant role in setting oil prices - OPEC be damned.
Today, with Mr. Trump's strategic energy dominance in their rearview mirror, it is a Saudi-Russia duo now calling the oil price shots.
Countries around the world - American friends and foes alike - need their oil and natural gas, and none wanted to endure the political pain of higher energy prices that would be necessary to crush Russia.
Today, at the right price, Russia can gain more revenue even while it sells less oil.
To pay for its war machine, Russia needs oil to be at about $100 a barrel.
Perhaps not coincidentally, oil prices are forecast to average as much as $90 for the next several years - the midway point between Saudi and Russian fiscal needs.
https://www.washingtontimes.com/news/2023/apr/18/biden-plays-fool-and-pawn-to-russias-oil-king/
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