The Saudi Royal Family are working to inflate the price of oil, inline with Vladimir Putin’s interests. Mohammed bin Salman is leading the way with his strategy which will be announced today are the Opec+ cartel meeting in Vienna. Dubbed the “Pablo Escobar of Oil” the Crown Prince has increasingly strayed from US direction regarding oil production and supply, and has even been considering a move away from selling the Al Saud’s oil reserves in US dollar.
The Saudi Royal family will announce their reduction of oil supply at the cartel meeting today, where they will lay out the exact amount of reduction, estimated to be around 2 million barrels per day.
Putin’s energy tsar, Alexander Novak, will be in attendance at the cartel meeting and is expected to announce a coordinated cut in Russia’s oil supply.
The cut in oil supply will have a significant impact on prices, Brent crude rose to $91.50 a barrel on Wednesday — up 8 per cent since last week. The price of the announcement is mostly likely already priced in, but a further increase of 1 to 2 percent could be expected following the announcements.
Tensions between de facto leader of the Kingdom Mohammed bin Salman, and the US Government, have deepened President Biden’s leadership, with the Crown Prince growing moving closer to partnerships with Russia and China.
