This is to rake in the oil money to fund the diversification of its economy before fossil fuels lose their edge against energy alternatives. This may backfire though: as prices rise to $3.82 a gallon, they get close to destroying demand, predicted to be achieved at $4.
Milking It Dry
The Saudi Ministry of Energy has announced they’ll be extending the oil production cut of a million barrels a day, driving oil prices to $84.50 a barrel globally.
By PA/TPN, in Asia, World · 12 Aug 2023, 14:31 · 0 Comments