Saudi Aramco is giving Mohammed bin Salman extra firepower in his beef with Joe Biden. Saudi Arabia’s $2.3 trillion oil behemoth wants to increase its maximum output as crude prices soar. That adds spice to tensions between the Saudi Arabian crown prince and the U.S. president that are spilling over into how the kingdom prices its oil.
as crude prices soar. That adds spice to tensions between the Saudi Arabian crown prince and the U.S. president that are spilling over into how the kingdom prices its oil.
A decisive China pivot by MbS is not guaranteed, though. Even if Saudi accepts yuan for 25% of its oil sales, the other 75% would still be in dollars. Given the need to protect the peg, that may lead to Saudi only repricing a portion of its crude. Still, Aramco’s rude health may encourage MbS to sell a further chunk of its shares to foreign investors to finance the transitioning of the domestic economy away from oil.
- Saudi Arabia has been in talks with China over yuan-priced oil for six years but has sped up the negotiations this year, the Wall Street Journal reported on March 15.
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