Has Saudi Arabia Shot Itself in the Foot With Its Oil Price War?

The impact of coronavirus has destroyed the demand for oil and neither Saudi Arabia, Russia or the United States will escape the resulting price war unscathed. 

Saudi Oil War Feature photo

Faced with an escalating crisis brought on by the global outbreak of COVID-19, Saudi Arabia made a conscious decision to increase oil production in order to avert a potential oil-price collapse. The move sent an already faltering global economy into a tailspin.   The trouble began at the beginning of March, after Russia rejected an ultimatum

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How Much of the Venezuela Crisis is Really Maduro’s Fault?

There are several factors for Venezuela’s economic crisis, but you wouldn’t know it by listening to U.S. leaders or following corporate media, writes Steve Ellner.

Nicolas Maduro | Venezuela

The recognition by U.S. House Speaker Nancy Pelosi and former Vice President Joe Biden of Juan Guaidó as Venezuelan president is the latest demonstration of the consensus in Washington over the nefariousness of the Nicolás Maduro government. Not since Fidel Castro’s early years in power has a Latin American head of state been so consistently

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Trump Doesn’t “Condone” Saudi State-Sponsored Murder, He Hugs It

While our presidents, from F.D.R. through G.W. Bush and Obama, held their noses while making deals with the world’s devils, Donald Trump breathes deep and seems to revel in such affinities.

Donald Trump | Mohammed bin Salman

WASHINGTON -- (Opinion) You’ve got to hand it to Donald Trump: when the U.S. president kisses up to murderers, he lays his reasons right out there for us. The rulers of Saudi Arabia, most notably Crown Prince Mohammed bin Salman, shall go without so much as a wrist slap from the world’s most powerful and influential country because oil prices might

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Tehran Slams Renewed “Cruel” Sanctions as US Split With EU Allies Remains Apparent

The renewed sanctions only serve to further isolate the U.S. from the international community and bring economic hardship home in the form of higher oil prices.

Mike Pompeo, Steven Mnuchin Iran Sanctions

On Monday, Washington re-imposed sanctions against Iran. Touted by U.S. President Donald Trump as the “strongest we’ve ever imposed,” the renewed sanctions expand the restrictions in effect prior to the 2015 nuclear deal. As the United States launches direct attacks on Iran’s economy through these increased sanctions, Iran is resisting by

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What’s Really Going On Behind the “Secret” Saudi-Russia Oil Deal

The revelation that Russia worked privately with the Saudis “on Trump’s order” to aid the U.S. effort to halt Iranian oil exports without causing a supply shock seems to contradict Russia’s public promise to defend Iran’s economy against aggressive U.S. sanctions.

Russia Opec Saudi

MOSCOW – On Wednesday, Reuters reported the details of a private and “secret” deal reached between Russia and Saudi Arabia, a deal that was aimed at increasing oil output in order to offset the coming shock to oil prices that will follow U.S. efforts to starve Iran of its oil revenues. Notably, Reuters also noted that the deal was struck with

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Oil Prices Soar After US Strikes Syria – A Promising Development For Trump’s Saudi Allies

Saudi Arabia’s economy has been on shaky ground in recent years due to continuous drops in oil prices. But new U.S. airstrikes in Syria have sent oil prices climbing, which will prove to be a boon for the U.S.’ Saudi ally both economically and geopolitically.

A Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia, Monday, June 15, 2015. Saudi Arabia's stock market, valued at $585 billion, opened up to direct foreign investment for the first time Monday, as the kingdom seeks an economic boost amid low global oil prices. (AP Photo/Hasan Jamali)

MINNEAPOLIS-- While the geopolitical implications of Trump’s recent airstrikes against the Syrian government have dominated both mainstream and alternative news outlets, what has been largely overlooked thus far is their economic impact. Soon after the strikes took place, crude oil prices jumped, reaching a one-month high on Friday by surpassing 55

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