Saudi Arabia’s pyrrhic oil war triumph
The kingdom may consider it has prevailed over Russia and US shale producers in the short-term, but its longer-term prospects are clouded in uncertainty
Riyadh has scored some impressive victories in the month-long oil price war it and Russia unleashed, and which has ended in a three-way truce of sorts, crucially also involving the US. But analysts caution that any supply-side calm necessitated by the unprecedented global health and economic emergency—and oil demand destruction—posed by the Covid-19 pandemic may be fragile. It may be too early for Saudi Arabia to celebrate: continuing elbowing for market share, especially in Asia, is just one sign of ongoing challenges. Outwardly, at least, Saudi Arabia appears triumphant. There are few more public ways to project an image than to buy a European football club, in its case a bid for England’s
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
