How Saudi Arabia & Russia Plan To Crush The US Economy? | No Petrodollar? De-dollarization & BRICS!
Welcome to Geopolitics Universe. In today's video I will be discussing and explaining the new financial alliance between Russia and Saudi Arabia and the way they are crushing the US economy. But first, I would just like to welcome you to Geopolitics Universe, this is a channel where we share the latest news, rumours,and insights into all things on Geopolitics. You'll be able to find news surrounding all things to do with Geopolitics. I would really appreciate it if you could please like and subscribe, also I just wanted to announce as we are a new channel which is growing by the day, we will be launching a giveaway for a $50 Amazon gift card. All you have to do to enter is like and subscribe. The giveaway winner will be announced in due course. Now let's carry on with the video. Saudi Arabia is seeking to raise oil prices at a crucial meeting in Vienna, in a move set to anger the US and aid Russia. Riyadh, Moscow and other producers are poised to announce deep cuts at a meeting of the Opec+ cartel on Wednesday, according to people with knowledge of the discussions. The size of the cut is still to be agreed but Saudi Arabia and Russia are pushing for reductions of 1mn-2mn barrels a day or more, although these could be phased in over several months. The reductions would probably trigger US countermeasures, analysts said. “This is not the Saudi Arabia of old and the US has maybe been a little slow or unwilling to acknowledge that in energy matters,” said Raad Alkadiri, an analyst at Eurasia Group. “If they want a higher oil price, they’ve clearly indicated they’re going to pursue that, even if it results in a tit-for-tat response from the US.” Wednesday’s meeting of Opec members plus other producers was hastily convened at the cartel’s headquarters in Vienna, with ministers rushing to the Austrian capital for what analysts have billed as the most important gathering in years. Russia’s top energy official, Alexander Novak, is expected to attend and is understood to support a substantial production cut, with Russia’s oil already trading at a large discount as European buyers have turned away. A person familiar with the discussions said the cuts would be made from existing production, not quota levels that some Opec+ member countries have been unable to fulfil after years of mismanagement and under-investment. Such a cut is likely to have a big impact on prices, which fell over the summer in a fillip to the electoral chances of President Joe Biden’s Democrats in US midterm elections next month. Prices remain high by historical standards and, with the likelihood of a large production cut becoming clear, Brent crude, the international benchmark, rose to $91.50 a barrel on Wednesday — up 8 per cent since last week. Tensions between Saudi Arabia, the world’s largest crude oil exporter, and the US, the world’s largest consumer, come as analysts warn of a deepening global energy war triggered by Russia’s invasion of Ukraine. Riyadh and Moscow have stepped up pursuit of production cuts to halt the slide in oil prices, which have fallen from about $120 a barrel in early June, a drop that has hit Russian state revenues. The US wants to restrict Russia’s oil revenues to starve its military of funding, making Saudi Arabia’s co-operation with Moscow a source of tension between Riyadh and the White House. Helima Croft, a former CIA analyst and head of commodities research at RBC Capital Markets, said Russia was likely to turn its attention to disrupting oil markets, having already cut most of its gas supplies to Europe. “We think more asymmetric, disruptive acts are coming as we head into winter,” she said.
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