Despite plans to transform its economy from over-reliance on crude oil and despite gradually losing its dominant position as the single biggest oil price mover, Saudi Arabia is not willing to give up its geopolitical and market power

Can Saudi Arabia Still Sway The Oil Market?

By Oilprice.com -- Tsvetana Paraskova—— Bio and Archives--April 23, 2019

Global Warming-Energy-Environment | Comments | Back To Full Article

Saudi Arabia, the world's top oil exporter and OPEC's largest producer, has influenced the oil market and oil flows since the middle of the 20th century. Shortly after the 21st century began, one of Saudi Arabia's key customers made its first steps toward becoming one of the Kingdom's main competitors on the global oil market: the United States began fracking for oil in the mid-2000s. By the end of the 2010s, the U.S. is now the world's biggest crude oil producer, having surpassed Russia and Saudi Arabia to claim the crown.

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