“According to Fortune, other OPEC ministers largely went along with the Saudi gamble on price increases”

Saudi Energy Minister Declares End of American Energy Revolution: ‘Drill, Baby, Drill Is Gone Forever’
by John Hayward
March 5, 2021

Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, crowed at Thursday’s OPEC meeting that the American energy revolution is over, OPEC would soon regain control over oil markets, and “Drill, baby, drill is gone forever.”…Falling oil prices, driven by surging American supply, not only propelled the robust American economy that would be ravaged by the Wuhan coronavirus in 2020; they were a powerful driver of geopolitical change. Among other things, cheaper oil weakened the malevolent regime in Iran and helped propel reform in Saudi Arabia, where plans to shift the economy away from oil and renovate the Kingdom’s politics to attract more foreign investment suddenly took on new urgency. READ MORE

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