[Ed. – Well, OK. Good luck with that. They may get prices up a little, but these days, that will mainly put money in American producers’ pockets. U.S. production will continue to set a cap on how high prices can go.]
Saudi Arabia is maneuvering to push oil prices up to at least $80 a barrel this year, shifting away for now from its long-time role as a stabilizing force in global energy markets.
Crown Prince Mohammed bin Salman, the country’s day-to-day ruler, is behind the move, aimed at raising revenue as his government seeks to carry out a wide-ranging economic overhaul, senior Saudi officials said.
The Saudis already have helped drive oil prices up nearly 50% in the past year—to nearly $74 a barrel on Friday for Brent crude—by engineering a large output cut with the Organization of the Petroleum Exporting Countries and Russia.
By aiming to force prices even higher, Prince Mohammed is stepping away from a compact that has defined the kingdom’s foreign relations for decades—offering stability in oil prices in exchange for security assistance from the U.S. and other big energy consumers.