Trump stunned Riyadh by softening the crackdown on Iran at the last minute, and Saudi ‘can still taste' being so misled
‘We’re going to see quite a different Saudi Arabia maybe than what we saw in the autumn. I don’t think they’re going to be as accommodative’Saudi Arabian energy minister Khalid al-Falih. Picture: REUTERS/RAMZI BOUDINA
When the kingdom meets with allied oil producers in the Azeri capital of Baku this weekend, that sense of betrayal may loom large in its decision-making. “The way the Saudis were misled by the US president concerning Iran sanctions is something that they can still taste,” said Ed Morse, head of commodities research at Citigroup in New York.
Al-Falih’s defiant tone has been backed up by the kingdom’s recent actions. Saudi Arabia has cut production by even more than it pledged in the Opec-Plus accord, and will continue to do so next month It’s a marked contrast with last autumn. Back then, the Saudis bowed to intense pressure from Trump as his administration’s promises to squeeze Iranian supply to “zero” propelled crude prices to a four-year high above $86 a barrel.To avert a shortage, and assist Trump’s diplomatic campaign against Tehran, the kingdom raised production, eventually reaching record levels above 11-million barrels per day .
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