The Saudi-Russia Oil Alliance Could Be Bad News for U.S. Oil Prices

  • 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.”

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