The price of oil affects nearly everyone – in terms of living costs and how much we pay for things like food and basic goods.
That is why Saudi Arabia and Russia’s decision to keep oil production cuts in place is being felt globally, with prices of the commodity rising worldwide.
Bin Salman: I believe the Middle East will be the new Europe. In 5 years, Saudi Arabia will be a completely different country.
“This is the Saudi war. This is my war. I want to see the Middle East on top of the world before I die. pic.twitter.com/vhqiwwT4on
— Sprinter (@Sprinter99800) September 10, 2023
Did Kirby just say that they may use the SPR again? (listen to the very end) pic.twitter.com/ZVdlrVwIs8
— Tracy (??? ) (@chigrl) September 10, 2023
Epic. Love the ambition. Might’ve hacked up a journalist but he’s dynamic as a leader, has a vision.
Oil bull run has legs https://t.co/LGL1Ku7djS
— Lou Pai (LNG maxi) (@EnergyPeddler) September 10, 2023
Both nations have their own domestic reasons for their decisions.
Some speculate that a decline in relations between Saudi Arabia and the United States may be driving new alliances between the Saudis, Russia and China.
But how much is geopolitics influencing Moscow and Riyadh’s oil policy?
Or is it simply economics and business – to make more money?
Presenter: Laura Kyle
Guests:
Cornelia Meyer – CEO of the consultancy, Meyer Resources.
Chris Weafer – CEO of the strategic business firm, Macro-Advisory.
Andrew Lipow – President of Lipow Oil Associates, a company that specialises in oil trade.
Global price reaches nine-month high after decision is announced.
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