{"id":54757,"date":"2020-08-21T07:43:55","date_gmt":"2020-08-21T12:43:55","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54757"},"modified":"2020-08-21T07:43:55","modified_gmt":"2020-08-21T12:43:55","slug":"saudi-arabia-refuses-to-learn-from-its-two-failed-oil-price-wars","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54757","title":{"rendered":"Saudi Arabia Refuses To Learn From Its Two Failed Oil Price Wars"},"content":{"rendered":"

Saudi Arabia Refuses To Learn From Its Two Failed Oil Price Wars<\/a><\/h3>\n
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Having failed to achieve the slightest semblance of success in the two oil price wars that it started \u2013 the first running from 2014 to 2016, and the second running from the beginning of March to effectively the end of April this year \u2013 it might be assumed that key lessons might have been learned by the Saudis on\u00a0the perils of engaging in such wars<\/a>\u00a0again. Judging from various statements last week, though, Saudi Arabia has learned nothing and may well launch exactly the same type of oil price war in exactly the same way as it has done twice before, inevitably losing again with exactly the same catastrophic effects on it and its fellow OPEC members.\u00a0At the very heart of Saudi Arabia\u2019s problem is the collective self-delusion of those at the top of its government regarding the Kingdom\u2019s key figures relating to its oil industry that underpins the entire regime. These delusions are apparently not discouraged by any of the senior foreign advisers who make enormous fees and trading profits for their banks from Saudi Arabia\u2019s various follies, most notably oil price wars. It is, in the truest sense of the phrase, a\u00a0perfect example of \u2018The Emperor\u2019s New Clothes\u2019<\/a>, although in this case, it does not just pertain to Crown Prince Mohammed bin Salman (MbS) but to all of the senior figures connected to Saudi Arabia\u2019s oil sector. One of the most obvious examples of this is the chief executive officer of Saudi Arabia\u2019s flagship hydrocarbons company, Saudi Aramco (Aramco), Amin Nasser, who said last week \u2013 bewilderingly for those who know even a modicum about the global oil markets \u2013 that Aramco is to go ahead with plans to increase its maximum sustained capacity (MSC) to 13 million barrels per day (bpd) from 12.1 million bpd.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia Refuses To Learn From Its Two Failed Oil Price Wars Having failed to achieve the slightest semblance of success in the two oil price wars that it started \u2013 the first running from 2014 to 2016, and the second running from the beginning of March to effectively the end of April this year […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[11708,592,1097,595,5332,600,701,11706,26228],"class_list":["post-54757","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-mohammed-bin-salman","tag-oil-price","tag-oil-price-war","tag-oil-production","tag-oilprice-com","tag-opec","tag-saudi-arabia","tag-saudi-aramco","tag-simon-watkins"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54757"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54757\/revisions"}],"predecessor-version":[{"id":54758,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54757\/revisions\/54758"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}