Saudi Arabia braces for impact
The kingdom may have to pay a steep price for its efforts to reassert leadership in oil politics
Saudi Arabia has been portrayed as the last man standing from its oil price war with Russia and the US, which briefly dominated the market in March before Covid-19 switched the story dramatically from supply to demand. But now the bill for attempting to bring American shale producers to their knees and discomfiting Russian president Vladimir Putin may be coming due. Riyadh is beginning to shoulder a disproportionate burden for rebalancing global crude markets. And oil prices barely blipped on this week’s news of unilateral Saudi production cuts of 1mn bl/d, which came alongside other domestic moves including a VAT hike and austerity measures totalling $26.6bn, offering a glimpse of possible
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
