Saudi Arabia is tackling a deepening deficit, an international green transition drive that seeks to make its main export commodity obsolete and a number of powerful rivals on the international oil markets.
When earlier this month Saudi Arabia served “a wonderful surprise” to oil markets in the words of its energy minister, oil prices jumped up. After all, the Kingdom said it would cut an additional 1 million bpd from its oil output to keep prices higher. But then Iran started ramping up its production, eyeing a rebound in exports to more than 2 million bpd. Prices were quick to fall. What’s next for OPEC’s leader?
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