The surprise huge new cut in oil production from ‘OPEC+’ - the Saudi Arabia-led OPEC group of countries ‘plus’ Russia - highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S., is ill-founded. Instead, newly emboldened by the Beijing-brokered Saudi Arabia-Iran deal to resume relations, followed by the approval of a plan to join the Shanghai Cooperation Organisation (SCO) as a ‘dialogue partner’, Saudi Arabia has now decisively shifted into the China-Russia sphere of influence. Prior to the surprise additional oil production cut by OPEC+ announced ... (full story)