Free Republic

In a dramatic decision, Saudi Arabia announced Sunday that it will take a unilateral step to slash its oil output by 1 billion barrels per day in order to boost global oil prices. ... Saudi Energy Minister Prince Abdulaziz bin Salman, who reportedly made the call, said the cut would be for the month of July but could be extended, describing the measure as a “Saudi lollipop” for the oil-producing cartel. (The subtext: What’s good for us is good for you!) The US and EU, for their part, have accused the Saudis of manipulating oil prices and causing global economic...

Saudi and Russian officials Tuesday announced the signing of military cooperation pact between the two countries. Saudi Defense Minister Khalid bin Salman announced the agreement via Twitter, stating it would aid in “developing joint military cooperation between the two countries.” In a second tweet, he elaborated on his meeting with his Russian counterpart, Sergey Shoygu, in which the pair explored ways to “strengthen the military and defense cooperation between our two countries.” I signed an agreement today with the Russian Deputy Minister of Defense Colonel General Alexander Fomin between the Kingdom and the Russian Federation aimed at developing joint military...

When Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Saudi Arabia was no longer an oil-producing country, he likely didn’t mean literally. “Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Energy Minister told S&P Global Platts this week. Saudi Arabia has high green ambitions that include gas production, renewables, and hydrogen. “I urge the world to accept this as a reality. We are going to be winners of all these activities. Saudi Arabia will surely benefit from the green transition. While the Exxons, Chevrons, and Shells of the world are busy doing climate...

Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share. Brent crude was down by 40 cents, or 0.5per cent, at US$75.77 a barrel by 0131 GMT, after falling 1 cent last week, the first weekly decline in six. U.S. oil was down by 30 cents, or 0.4per cent, at US$74.86 a barrel, having risen 1.5per cent last week, the sixth consecutive week of gains for the contract. The Organization...

The Biden administration’s plea for more oil production has been rejected by OPEC and its allies, including Russia, according to Reuters.The group of big oil producers believe oil markets do not need more oil than they plan to release in the coming months, Reuters reported.The report cited “four sources” but did not name them. Reporting on internal OPEC decisions is often based on unnamed sources.The Organization of the Petroleum Exporting Countries is a cartel of 13 nations that includes Saudi Arabia and the United Arab Emirates. A larger group, that also includes Russia, Mayalasia, and Mexico, is known as OPEC+.The...

It’s all a grand charade — the matinee show put on by the Theater of Science was merely being used for the Grand Extravaganza called the Theater of Politics.Wikileaks, not surprisingly, turned up some not-so-diplomatic and not-so-scientific goings-on in the political race to steer power and dollars.From The Guardian The US diplomatic cables reveal how the US seeks dirt on nations opposed to its approach to tackling global warming; how financial and other aid is used by countries to gain political backing; how distrust, broken promises and creative accounting dog negotiations; and how the US mounted a secret global diplomatic...