After the collapse of the OPEC+ deal in 2020, the Crown Prince of Saudi Arabia wanted to become the “master of the oil industry” by trying to beat Russia in the “price struggle”. In this respect informs Bloomberg cited the statement by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud.
“In March 2020, relations between Saudi Arabia and Russia reached a stalemate. “Riyadh tried to further reduce production due to the COVID-19 pandemic, but the Kremlin wanted to wait.”
Crown Prince Mohammed bin Salman said Saudi Arabia needed to reach “maximum production capacity” after learning that OPEC+ could not reach an agreement on oil production with Russia. To do this, you need to flood the market with oil. The publication noted that the prince was warned of a possible sharp fall in prices, but refused to change his mind.
According to the minister, there were no problems with profits and revenues at that time. Who would own the oil industry then?
In the April 6 Global Times article reportedThat OPEC+’s decision to cut oil production was a “blow to the stomach” for the US authority. The article argues that Washington’s predatory policy in the oil sector is universally condemned.