Saudis again threaten to bring down the oil market

Saudi Arabia is ready to resume the oil war, which it managed to end last spring thanks to a deal by oil exporting countries.

Saudis again threaten to bring down the oil market

It is reported by the American publication “The Wall Street Journal”, citing its own sources.

Earlier, OPEC + countries agreed to reduce oil production by 9.7 million barrels per day for the period from May to June. In the second half of the year it was planned to reduce by 7.7 million barrels, and then until April 2022 – by 5.8 million barrels.

However, according to WSJ, Riyadh is again threatening to cut commodity prices, which could hit the energy market in a situation where the second wave of the pandemic is also putting pressure.

Saudi Arabian Energy Minister Abdulaziz bin Salman recently put forward an ultimatum to Angola and Nigeria. From two countries that did not fulfill obligations under the OPEC + deal, he demanded to provide plans for an expanded reduction in raw material production.

Otherwise, Riyadh will trade oil at a reduced price in order to destroy the economy of African states.

It is worth noting that this is precisely about reducing the price of raw materials. At the same time, Saudi Arabia does not intend to increase production.