Publications: Notes at the Margin

Saudi Seething (July 31, 2023)


Anyone involved in the fossil fuels market—airline managers buying fuel, traders, fleet owners, independent producers, major oil company executives, government policymakers, and even individuals—should be warned. The International Energy Agency’s actions, led by President Biden, have corralled oil producers, especially Saudi Arabia. Crude oil prices would be as much as $35 per barrel higher had the IEA not voted to release strategic stocks. The Saudi economy is being squeezed, and further production cuts by the kingdom will only make things worse. Even so, OPEC or OPEC+ will likely make another attempt to raise prices within a few months.


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