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Geopolitics

The Next Round in US-Saudi Oil Markets Match

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Oil Markets Prices Must Force More Supply Cuts
  • US-Saudi tensions have eased following Opec-plus’ controversial decision in October to cut production by 2 million barrels per day from November.
  • But a greater level of distrust now characterizes the relationship — and friction could yet re-emerge around Opec-plus’ production policy, particularly if prices strengthen or the US Congress pushes to advance “Nopec” legislation.
  • Another possible trigger to renewed tensions, an additional near-term release from the US Strategic Petroleum Reserve (SPR), now seems less likely — unless market management strains flare again.

The Issue

Topics:
Opec/Opec-Plus, Sanctions, Policy and Regulation, Opec-Plus Supply
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