- The Saudis set oil production levels in coordination with Russia.
- When they wanted to ease tensions with regional rival Iran, they turned to China to broker a deal — with the US left out of the loop.
Why it matters: The price of the world’s most important commodity, oil, is being set by a country the US can no longer count on as a friend.
- “For the first time in recent energy history, Washington, London, Paris and Berlin don’t have a single ally inside the OPEC+ group.”