Why The West Shouldn’t Expect More Oil From Saudi Arabia

In December 2016, OPEC, Russia, and several other non-OPEC producers sealed a historic deal. For the first time in 15 years, there would be oil production cuts. At the time, RBC’s Helima Croft said Saudi’s oil minister Khalid al-Falih had “something of Mario Draghi’s ‘whatever it takes’ moment.” Seven years on, OPEC and Russia are still controlling the market. But now, Saudi Arabia is saying there is nothing it can do about the oil market and prices. It has done all it could, according to its foreign minister,…