Mismanagement is driving Saudi Arabia towards bankruptcy

On 6 March, the OPEC+ cartel failed to agree on a cut in oil production in the light of reduced demand due to the coronavirus pandemic affecting almost every country in the world. All of this came in the middle of a global financial crisis. Saudi Arabia proposed the cut, and OPEC members accepted it, but Russia, which is OPEC’s “+”, spearheaded the call to reject it. “We have made this decision because no consensus has been found of how all the 24 countries should simultaneously react to the current situation,” Russian Energy Minister Alexander Novak told reporters after the OPEC+ meeting in Vienna. “So as from April 1, we are starting to work without minding the quotas or reductions … Continue reading Mismanagement is driving Saudi Arabia towards bankruptcy