MbS keeps shooting Saudi Arabia and OPEC in the foot
Tom KirkmanIndependent Project Manager
MbS seems determined to shoot himself and Saudi Arabia and OPEC in the foot.
I’m fine with that.
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“Saudi Arabia is ramping up its oil output, boosting production capacity and hiring new tankers to fight its price war with Russia, despite the coronavirus pandemic’s erosion of demand for crude.
The world’s biggest oil exporter is producing above 12 million barrels a day, at maximum capacity, and about two million barrels a day more than a month ago, Saudi officials said.
There are signs, however, that some of this new oil has virtually no place to go. Some of the vessels the kingdom has hired to help it increase exports are leaving ports filled with oil, but have no destination, casting doubts on whether the extra crude production will end up with customers and add to a global glut….”