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

    Saudi Arabia can no longer control the oil price

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    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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