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SCO - Saudi Oil Market Gambit May Spark Innovative Solutions
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The Saudi Arabian government’s decision to do the opposite of what was originally intended, from oil production cuts of 1 million b/d through OPEC to ramping up production from 12 million b/d to 13 million, destabilized oil prices and markets alike. Saudi Aramco (ARMCO) said Wednesday it received the directive from the energy ministry, which such a move would be at the behest of Crown Prince Mohammad bin Salman, or MBS. Brent crude was trading at around $36 at midday March 11. A Barron’s article notes that during “the 2014-2016 oil market rout, it took