Even though the United States, Saudi Arabia, Russia, and other big oil producers reached a deal this month meant to curtail oil output and undo some of the damage, it hasn't worked: U.S. crude
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Yes Saudi Arabia's post-oil future is realistic but it will take quite a long time and will be dependent on a high oil prices and diversification. In the short term, Saudi Arabia could use part of
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Saudi Arabia's oil exports fell from 9.6 million barrels a day in 1980 to 2.8 million just five years later. “It was a very painful lesson: You can't set a price, the market sets a price. What
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In response, Saudi Arabia engineered collective production cuts, but many OPEC countries cheated on their quotas. As a result, Saudi Arabia lost market share while the oil price kept falling. Riyadh's patience was exhausted in late 1985, and
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Source: XLE You can hardly fault the bulls, though, with crude oil on track to finish the best week in history. WTI Crude oil futures for June delivery have rallied 31% since Monday's to
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The long-term oil price outlook might not be too dire, either. The age of renewables might be upon us, yet oil demand could keep growing and only hit a plateau in the late 2030s as per OPEC estimates.
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Indeed, friction between Russia and Saudi Arabia came to a head in March 2023, as global measures to contain the coronavirus pandemic led to waning oil demand and a steep drop in prices.
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The oil industry also has suffered from price drops, including one from 2014-2016 that stalled an oil boom. Prices in the current bust caused by the pandemic and worsened by an oil price war
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Several springs have been known in Saudi Arabia for hundreds of years on which many old settlements were dependent for both domestic uses and irrigation purposes. However, by the late 1980s, most of the springs in the central and eastern parts
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In contrast, producers such as Saudi Arabia and Iran, have relatively little leverage given the growing diversification in upstream production from sources such as U.S. hydraulic fracturing
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