Thursday, July 18, 2024
    HomeBusinessSaudi Arabia can no longer control the oil price

    Saudi Arabia can no longer control the oil price


    The desert state sees itself as the central bank of the oil market. Now the country is cutting production – but the price of oil is not following as it should. Why is that and what does it all have to do with Russia.

    What would a Saudi lollipop taste like? Maybe some think of cloves, cardamom or cumin. The Saudi oil minister, Abdulaziz bin Salman, recently used the term in a completely different way: From July, the state wants to produce a million barrels less of oil a day, thereby driving up prices. “It’s the Saudi lollipop,” said bin Salman recently, smiling mischievously at the cameras.

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