Saudis Double Down on Seismic OPEC+ Shift to Sink Oil Prices
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As Saudi Arabia’s Prince Abdulaziz bin Salman addressed his OPEC+ counterparts on a video call to ratify the group’s second huge supply increase in as many months, he invoked a surprising historical precedent: the 1973 oil embargo imposed by major OPEC nations that sent crude prices soaring.
The parallel to today, the prince suggested, was that the Organization of the Petroleum Exporting Countries had withstood tough times in the past — and its unity was just as crucial now.