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Surprise court: Saudi Arabia emerges from stalemate with high self-confidence and unprecedented victory.
Saudi Arabia has gained more confidence and influence in OPEC+ policies since Crown Prince Mohammed Bin Salman ordered the flooding of oil markets three years ago during a dispute with Russia. This statement was made by the Minister of Energy, Prince Abdulaziz bin Salman, in a recent TV interview.
Recalling that in March 2020, OPEC+ was at an impasse with the Kremlin over cutting production in response to the Covid-19 pandemic. While Riyadh wanted to cut production, Russia wanted to wait. Prince Abdulaziz bin Salman claimed that when he told the crown prince that the cartel had not reached an agreement on quotas, the ruler ordered Saudi Arabia to reach its "maximum production capacity".
high self-confidence
This critical episode gave Saudi Arabia greater conviction to use its status as the world's largest oil exporter. On April 2 of this year, Saudi Arabia surprised OPEC+ by announcing a production cut of more than 1 million barrels per day, shaking global energy markets. OPEC+ brings together members of the traditional Organization of Petroleum Exporting Countries plus Russia, another of the biggest sellers of the commodity in the world.
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The minister stated that Saudi Arabia emerged from the stalemate with high self-confidence and an unprecedented victory. At that time, Prince Abdulaziz warned the crown prince that his decision could lead to a “drastic and excessive drop” in prices when markets opened and producer Saudi Aramco, the country’s main company in the sector, would need to offer discounts to ensure it had enough buyers. The ruler said to go ahead and open the taps.
Saudi Arabia's boldness worked.
Saudi Arabia's boldness worked. When OPEC+ met in mid-April of that year, its members agreed to cut 9,7 million barrels per day – just short of the initial proposal of 10 million. The minister stated that the decision was not a question of price, profit or revenue, but of “to be or not to be” and who will be the master of this sector.
Saudi Arabia's decision to flood oil markets three years ago during a dispute with Russia has given the country more confidence to be more assertive in OPEC+ policies. The statement was made by the Minister of Energy, Prince Abdulaziz bin Salman, in a recent TV interview. Saudi Arabia surprised OPEC+ on April 2 this year by announcing a cut
