“The Saudis need the higher oil price ..to maintain the welfare state”
Russia is much more dependent on high oil prices than is Saudi Arabia. That’s why Russia blinked first, and the Saudi oil minister rebuffed Russia’s olive branch.
None are more dependent on high oil prices than our domestic fracking producers. Their cost/bbl is much higher than SA and RU. If this price war endures, the marginal US producers will be bankrupted under a mountain of debt, ready to come crashing down.
Wrong.
That’s why Russia blinked first, and the Saudi oil minister rebuffed Russia’s olive branch.
Wrong again.
The Russians are in a much stronger economic position than they were in 2016 and don't have a country full of inbred militant jihadists to take care of.
MbS better watch his back or his royal head will roll.