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
7 February 2025
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention
7 February 2025
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
6 February 2025
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
6 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors