Economics
Aiming at Iran, Saudi Arabia Mixes Oil Policy With Politics
- Mohammed bin Salman prevails as Saudis block Doha freeze pact
- Riyadh vs Tehran rivalry spills into the global energy market
Why the Doha Talks Failed
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After taking over defense and economic planning, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has now stamped his authority over oil policy.
In so doing, the 30-year-old son of King Salman upended the Saudis’ decades-long approach of separating commercial from political considerations. Over the weekend, Saudi officials quashed an agreement among major oil producers in Doha to freeze output due to Iran’s refusal to participate, a sign the regional rivalry is infecting the market.