REview: Saudi Arabia oil confrontation with Biden Administration

You may have noticed OPEC trying out its new ‘pre-emptive’ strategy. Rather than wait for oil prices to fall, Saudi Arabia has pushed OPEC – and a set of top suppliers that are not part of the original group, commonly referred to as OPEC+, which effectively controls about 40% of total global supply – to make three large production cuts at times when prices were unusually high.

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