OPEC and Saudi Arabia want oil prices much higher than they are now but know that the U.S. and its key allies in the West and the East want the opposite.
- Jul 03, 2023, 7:00 PM CDT
OPEC and Saudi Arabia are preparing the ground for future oil price-supportive cuts in production when Asian demand growth disappoints. Consequently, by predicating the argument that global oil demand will be driven by these countries, and others with similar economic profiles in Asia, OPEC and Saudi Arabia are preparing the ground for future oil price-supportive cuts in production when this supposedly expected demand does not fully materialise but oil supply needs to be supported for sudden rises in demand.
This was one of the key reasons why the initial public offering of Saudi Aramco failed to attract any notable buyers from the West, as analysed in full in . Examples of unappealing Saudi socio-economic projects at that time included developing a US$5 billion ship repair and building complex on the east coast, working with General Electric on a US$400 million forging and casting venture, and even creating the King Abdullah University of Science and Technology.
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