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Saudi Arabia Will Have to Accept Being an Oil Price 'Taker'

Greg Priddy
Director, Global Energy and Middle East, Stratfor
May 20, 2020 | 10:00 GMT
An image of a Saudi flag overlaying an oil pumpjack. 

An image of a Saudi flag overlaying an oil pumpjack. 

(Shutterstock)

As COVID-19 saps oil demand, the economic fallout will likely leave Saudi Arabia back in the role of "price taker," as the kingdom's new austerity measures strongly imply Riyadh recognizes it will eventually need to adjust its spending habits to the global oil market instead of the other way around. With no immediate recovery in sight,...

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