Saudi Arabia admits defeat
Saudi Arabia’s ability to set the price of oil, and OPEC’s power in general, is seriously impaired. The oil price is going back up over the next year or so, though probably not beyond $70 or $80 a barrel. And that is really a good thing, because we need a higher oil price to drive the shift out of carbon fuels and into renewables.
LONDON, ENGLAND—“God be with the citizens, we are back to the time of poverty,” wrote Saudi Arabian blogger Rayan al-Shamri on Twitter last week. That’s a bit strong, but he and his fellow citizens are certainly no longer living in the time of plenty. Saudi Arabia is cutting back on all fron...
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