All of this has huge implications for the world’s energy markets at a time when, in erecting a fortress to safeguard oil, Abdulaziz and Saudi Arabia seem to be on the wrong side of history. Abdulaziz, the first member of the royal family to be the kingdom’s energy minister, is the most important single person in the oil market today. As influential in global economic terms as some central bankers, he has repeatedly taken bold, successful steps to control the markets, manage the flow of oil supplies, and shore up prices.But a rancorous OPEC+ meeting in July showed just how difficult it’s going to be for Abdulaziz to consistently get his way in an era when oil-producing nations—their self-interests often in conflict—are contemplating a future of declining oil consumption. By the time OPEC+ ministers convened over videoconference, resurgent demand had already pushed crude prices up 50% this year. When the talks collapsed, oil prices jumped to the highest level in more than six years.
Source: Saudi Prince Abdulaziz bin Salman Seeks to Tame Oil Prices, OPEC, Russia – Bloomberg
