Why Is Saudi Arabia Desperate For Higher Oil Prices?

As OPEC’s most significant member and one of the largest crude oil producers in the world, Saudi Arabia typically exerts considerable power over global energy market trends. Yet for the last year, the oil giant has been largely reacting to events outside of its control: surging U.S. shale production, OPEC-member cheating and non-compliance, uncertain demand and a persistent supply glut that has kept prices at or below $50 a barrel. Now, questions are being raised over the state of Riyadh’s big next move: the IPO of Saudi Aramco, the…

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