The release last week of Saudi Aramco’s Q1 2024 results underlines the point again, with an obvious dichotomy between a notable increase in capital expenditure over the quarter on the one hand, and the January directive from the Energy Ministry to the company to cancel a planned 1 million barrels per day (bpd) expansion in oil production capacity. This month marked the beginning of the very short Third Oil Price War, as also analysed in full in my new book on the new global oil market order, in which Saudi Arabia sought once again to delay progress in the U.S. shale oil sector which is a direct threat to its economic well-being into the future. source, a source in the U.S. energy security complex, and three senior oil broking sources exclusively spoken to by OilPrice.com over the past decade, Saudi Arabia bought in significant supplies of crude oil from Iraq and other countries not just over the 2014-2016 Oil Price War, but also after the September 2019 attacks by the Iran-backed Houthis on its Abqaiq and Khurais oil facilities, and during the brief 2020 Oil Price War as well.
Author: Simon Watkins
Published at: 2024-05-13 23:00:00
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