Oil: the Year Just Passed and the Year Looming Ahead
In 2022, oil prices had a rocky ride because of persistent economic and geopolitical uncertainty. It seems 2023 might prove even more volatile.
In 2022, oil prices had a rocky ride because of persistent economic and geopolitical uncertainty. It seems 2023 might prove even more volatile.
Saudi Arabia’s response to the market threat posed by US shale was to broker a partnership with Russia in 2016. Six years later, that partnership is working very well, allowing the Saudis to exert geopolitical influence while shrugging off demands from the Biden White House.
The recent decision by OPEC+ to cut production was a jab in the eye to the West but one that has been a long time coming.
Both economics and politics point to Riyadh’s looking to keep OPEC+ to its July 2021 agreement for as long as possible.