Saudi Arabia Cuts Ties With USA EconomicallyEconomy China Markets Oil Saudi Arabia
China is moving behind the scenes. I wonder what Jared traded for $2 Billion to the Saudis.
According to the Financial Times report, the decision to adopt an economic strategy independent of the United States is due to declining relations between Riyadh and Washington during the Biden administration.
Last week, the Biden administration ruled out new crude purchases in an effort to refill a stockpile that was drained last year, and this was also reported to be an effort by the White House to curb inflation.
RBC Capital Markets Head of Commodity Strategy, Helima Croft, stated that Saudi Arabia was going to adopt an economic strategy without dependence on the US. - via MSN
They’re cutting oil to stabilize prices (read: force higher) and getting closer to China.
Saudi Arabia and a handful of other countries stunned the world on Sunday by announcing significant cuts in their oil production – totaling more than a million barrels of oil per day – starting in May.
The decision was unexpected because it did not come as a typical, negotiated OPEC+ agreement reached at a regularly scheduled meeting. Instead it was undertaken by Saudi Arabia and other producers including the United Arab Emirates and Iraq, and announced without warning.
“It was a massive surprise to everybody in the market,” says Jorge Leon, a senior vice president at Rystad Energy. - via WUSF Public Media
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