Posted on 12/04/2024 11:04:32 AM PST by RandFan
Rising U.S. production and internal OPEC+ pressure limit the kingdom’s sway over prices. Trump is a new wild card.
Saudi Arabia’s sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. Those days are over, at least for now.
The kingdom is struggling to execute its plan to keep prices elevated. Higher prices would help pay for Saudi’s infrastructure-spending spree, including $1 trillion of projects designed to rapidly pivot the economy away from oil. It would also pinch drivers at the pump and contribute to risks that inflation could stage a global comeback.
(Excerpt) Read more at wsj.com ...
They're pouring trillions into "Vision 2030" building white elephants, 'futuristic' cities etc.
It's really weird how they're squandering the oil cash and being mismanaged like this by the Crown Prince.
Could lead to social unrest in the kingdom if it isn't already.
It’s in their nature.
I sense the Crown Prince who is running the show is incompetent and I think his projects suck and wont be successful for them.
Time will tell!
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