Publications: Notes at the Margin

Saudi Arabia's Capitulation (February 5, 2024)

 

The Saudis recently announced their decision to stop expanding their crude oil production capacity. The decision makes great sense given the uncertain economic situation in China, the impending opening of the Trans Mountain Pipeline in Canada, and California’s regulatory and environmental actions, especially in light of Saudi Arabia’s desire to transform its economy. Oil prices, then, will likely be lower for longer.

 

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