Oil’s Swings Reinforce Saudi Arabia’s Key Role in Energy Markets

September 18, 2019/in /by Rudolf Huber

The oil price jumped by less than 10 USD and for a few days only. It’s almost back to where it was before. If Saudi Arabia was really such a heavyweight factor in oil, the price would have to spike to 3 digits and for at least 4 months with a long tail effect lasting for 3 years. This attack just demonstrated how irrelevant Saudi Arabia and OPEC has become. If anything it reinforced notions that the US needs to go a further step towards energy independence.

The swings in oil prices after the attack on Saudi Arabian production facilities have reminded investors that the cost is still largely driven by the world’s largest exporter, despite the flow of U.S. shale output…

WSJ

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