Saudi Arabia Is On The Brink Of Losing Control Of Oil Markets

When earlier this month Saudi Arabia served “a wonderful surprise” to oil markets in the words of its energy minister, oil prices jumped up. After all, the Kingdom said it would cut an additional 1 million bpd from its oil output to keep prices higher. But then Iran started ramping up its production, eyeing a rebound in exports to more than 2 million bpd. Prices were quick to fall. What’s next for OPEC’s leader? The outlook for oil demand remains pessimistic, according to the International Energy Agency. In that sense, Saudi…