On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market.
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Are the US authorities no longer in control of the world situation?
The US always had a rather tenuous grasp of the situation and were able to work with the previous ruler of Saudi Arabia much more closely. It's a different era now though, Saudi Arabia has been growing richer all this time and the new ruler MBS is looking out for himself only. He was probably very annoyed to be embarrassed after killing that journalist inside the embassy in Turkey, showing he is not beyond stooping to new lows in seeking to punish people who he thinks have wronged him - this put him directly at odds with democracy.We also saw that he is mending ties with Iran now, probably as a method to get more leverage in the region and is tilting towards China - who have a big appetite for energy resources and no moral qualms getting in the way due to their equal authoritarian stance.