Markets hate uncertainty, writes James Rogan. President JoeBiden’s short fuse is causing oil and gasoline prices to move higher. He shouts, but the Saudis don’t listen. And Biden has no obvious stick.
always cheats by maintaining production at higher levels than those agreed. Importantly, Saudi Arabia and the UAE are economic and political rivals. Diplomatic relations between the two countries are fragile.
Put simply, this new agreement is hot air. Historically, OPEC agreements always fail. Saudi Arabia is typically the last to cheat, it becomes the swing producer. Saudi Arabia loses revenues. The Saudis know oil and the history of oil production agreements. They will talk cuts but nothing more. In a few weeks, the political hysteria will evaporate, and oil prices will reflect supply-demand fundamentals.Take a U.S. country study by Helen Metz.
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