Skip to content
Search
Human content, AI powered search.

Latest Stories

News

Saudis face reality on oil prices

Saudi Arabian flag with stock graph and an oil pump jack miniature model are seen in this illustration.

Saudi Arabian flag with stock graph and an oil pump jack miniature model are seen in this illustration.

REUTERS/Dado Ruvic
Willis Sparks
By Willis SparksSeptember 26, 2024
Willis Sparks
Willis Sparks is a senior editor for GZERO Daily. He is also a Director in the Global Macro practice at Eurasia Group, where he has worked since 2005. He has made speeches on international politics on every continent except Antarctica. Willis holds degrees from Brown University, the Juilliard School, Columbia University's School of International and Public Affairs, and the Institut d'Etudes Politiques in Paris. He also holds an honorary degree from the Moscow Art Theatre School. A native of Macon, Georgia, Willis has worked as a stuntman at New York's Metropolitan Opera. As a child, he declined an opportunity to spend an afternoon riding the Great American Scream Machine, a rollercoaster, with Ronald McDonald, for money. He has never regretted that decision.
See Full Bio
Saudi Arabia has reportedly decided to produce more oil beginning Dec. 1, allowing global crude prices to fall. It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer. By producing more, the Saudis hope to claim a larger share of oil market revenues.

Since November 2022, Saudi Arabia has led the grouping of OPEC members plus Russia in maintaining oil supply cuts to try to keep prices as close as possible to an unofficial target of $100 per barrel for Brent crude. Not coincidentally, the IMF estimates Saudi Arabia need $100 barrels to balance its budget as Crown Prince Mohammed bin Salman funds hugely expensive development projects as part of his Vision 2030 economic reform plan. Saudi Arabia is currently producing 8.9 million barrels a day, its lowest level in more than a decade.

The lower price will be good news for incumbent politicians facing public anger over broader inflation. That’s also true for Democratic presidential nominee Kamala Harris, whom Donald Trump has blamed for higher prices for US consumers. The Saudi decision will keep gasoline prices in check through the US election.

saudi arabioiloil and gas sectoroil pricesoil prices/crude oilopec

Latest Videos

Can we still trust Wikipedia?play icon
Ian Explains

Can we still trust Wikipedia?

Geoffrey Hinton on how humanity can survive AI
GZERO World Clips

Geoffrey Hinton on how humanity can survive AI

Notre Dame, politics, and playing by their own rules
ask ian

Notre Dame, politics, and playing by their own rules

Trump’s new national security strategy targets Europe
Quick Take

Trump’s new national security strategy targets Europe

'Godfather of AI' warns of existential risks
GZERO World with Ian Bremmer

'Godfather of AI' warns of existential risks

Will AI replace human workers?
Ian Explains

Will AI replace human workers?

More For You

How chads and China shaped our world

​Then-US President George W. Bush with then-People's Republic of China President Jiang Zemin following their meeting at Bush's ranch in Crawford, Texas, on October 25, 2002.

Then-US President George W. Bush waves as he stands with then-People's Republic of China President Jiang Zemin after the two gave statements to the press following their meeting at Bush's ranch in Crawford, Texas, on October 25, 2002.

Twenty-five years ago, Destiny’s Child, NSYNC, and Britney Spears were atop the US charts, “Google” was a little known search website with a weird name, and two things happened that would shape the world we live in today, where populism defines politics and great power competition is back. First, Congress passed a bill that paved the way for China [...]

Trump tries to halt state AI laws | Iranian dissident arrested again | US sanctions Maduro’s “narco nephews” | UNESCO recognizes tradition of yodeling

U.S. President Donald Trump holds a signed executive order on AI next to Sriram Krishnan, Senior White House Policy Advisor on Artificial Intelligence on December 11, 2025.

U.S. President Donald Trump holds a signed executive order on AI next to Sriram Krishnan, Senior White House Policy Advisor on Artificial Intelligence on December 11, 2025.

REUTERS/Al Drago
38: Large tech firms will be celebrating after US President Donald Trump signed an executive order aimed at undercutting the ability of states to introduce regulations on artificial intelligence. Thirty-eight states have adopted AI laws. Trump’s order aims to just have one federal law be the standard. [...]

EU set to use Russian assets for Ukraine loan | Trump wants to make friends and get minerals | Backlash to Seattle’s World Cup Pride plan

​December 9, 2025, Rome, Italy: Italian politicians from parties +Europa, Democratic Party, Azione, Europa Now gather to welcome Ukraines President Zelensky with a banner made up of 27 EU flags and the Ukrainian flag.

December 9, 2025, Rome, Italy: Italian politicians from parties +Europa, Democratic Party, Azione, Europa Now gather to welcome Ukraines President Zelensky with a banner made up of 27 EU flags and the Ukrainian flag.

Marco Di Gianvito/ZUMA Press Wire
EU poised to unfreeze Russian cash for Ukraine aidThe EU is set to indefinitely freeze more than $247 billion in Russian central bank assets today, clearing the path to use the money to keep Ukraine funded as the war grinds on. The move would end the precarious six-month renewal cycle — and reduce the chances of Kremlin-friendly countries like [...]

Republicans lose on Trump’s home turf again

​Miami Mayor-elect Eileen Higgins points as she thanks her staff and supporters on the night of the general election, on Tuesday, Nov. 4, 2025.

Miami Mayor-elect Eileen Higgins points as she thanks her staff and supporters on the night of the general election, on Tuesday, Nov. 4, 2025.

Carl Juste/Miami Herald/TNS/ABACAPRESS.COM
For the second time in a month, Republicans lost a mayoral race in a state US President Donald Trump has called home. This time it happened in Florida.Democrat Eileen Higgins defeated Republican Emilio González in Miami’s mayoral election on Tuesday to become the first female leader of Florida’s largest city, and the first Democrat to win this [...]