Bloomberg: In 2020, the Saudi Crown Prince wanted to become the “master of the oil sector”
After the OPEC+ deal collapsed in 2020, the Crown Prince Saudi Arabia Mohammed bin Salman Al Saud wanted to become the “master of the oil business”. In the desire to flood the markets with their oil due to disagreements with Moscow Energy Minister Abdulaziz bin Salman Al Saud admitted transmits Bloomberg.
According to him, in March 2020, Saudi Arabia offered to cut oil production in response to the coronavirus pandemic, while Moscow, on the contrary, offered to postpone this decision. According to the minister, when he told the crown prince that the association of oil exporters had failed to agree on quotas, he ordered to achieve “maximum production capacity”.
The Saudi minister admitted to panicking, but the move eventually led to an agreement in early April to cut production by more than a million barrels a day. “It was not a question of price, not a question of profit or income. It is rather a question of “to be or not to be”: who will be the master of this sector? he said.
Earlier it became known that Saudi Arabia’s state oil and gas company Saudi Aramco once again raised sell off oil prices in May for buyers from Asia. The decision came as a surprise as traders surveyed ahead of OPEC+’s announcement of further production cuts expected fuel prices to drop significantly.