Investing Future: Saudi Arabia EU and China BRICS Plan to Crush the US Economy? OPEC End Petrodollar?

Investing Future Nov 17, 2022 Since Russia invaded Ukraine, Saudi Arabia has made clear that it is not going to change its oil policy. The Saudi leadership has repeatedly rebuffed requests from President Biden and leaders of oil-importing countries to accelerate production increases—a key factor behind the release of strategic oil stockpiles by the US and its allies in the IEA. Recent monthly meetings of the OPEC+ group have taken less than 15 minutes to agree on a continuation of the plan put in place last year. A large diversion of Russian oil to India—and a corresponding reduction in Indian…