In a surprising move, Saudi Arabia and the OPEC+ group of producers have announced a cut in oil production of approximately 1.6 million barrels per day.

While the move is aimed at achieving market stability, according to a recent report from the Financial Times, Saudi Arabia is attempting to adopt an economic strategy that is independent of the United States.

Saudi’s unexpected cut in oil production[size=8pt][/size]

The decision to cut oil production comes as a surprise, particularly as it is lower than the expected reduction of 2 million barrels per day that was to be agreed upon during the meeting that included Saudi Arabia and Russia.

Scheduled to commence in May, the announced voluntary reductions in production supplement previously established cuts agreed upon in October. Riyadh has officially stated that it will curtail output by 500,000 barrels per day, while Iraq will decrease its production by 211,000 barrels per day.

Other countries have also announced production cuts, with the United Arab Emirates cutting 144,000 barrels per day, Kuwait reducing its output by 128,000 barrels per day, Oman cutting 40,000 barrels per day, Algeria reducing production by 48,000 barrels per day, and Kazakhstan planning to decrease its output by 78,000 barrels per day.

Economic independence from the U.S.
According to the Financial Times report, the decision to adopt an economic strategy independent of the United States is due to declining relations between Riyadh and Washington during the Biden administration.

Last week, the Biden administration ruled out new crude purchases in an effort to refill a stockpile that was drained last year, and this was also reported to be an effort by the White House to curb inflation.

RBC Capital Markets Head of Commodity Strategy, Helima Croft, stated that Saudi Arabia was going to adopt an economic strategy without dependence on the US.

Saudi Arabia’s growing ties with China
Saudi Arabia has recently been granted the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), a China-led Asian security and economic bloc that includes Russia, India, Pakistan, and other major economic players. The kingdom could eventually be granted full membership.

The move is part of Saudi Arabia’s efforts to diversify its global partnerships. This month alone, Beijing mediated a landmark agreement between archfoes Iran and Saudi Arabia that could help significantly ease Middle East tensions.

Saudi Arabia also announced a $3.6 billion deal to buy 10% of China’s Rongsheng Petrochemical, which would see it supply 480,000 barrels per day of crude oil to the company.

The decision by Saudi Arabia to adopt an economic strategy independent of the United States could have significant implications for the U.S. and its relationship with the Middle East. As the U.S.’ rivalry with China and Russia intensifies in an increasingly polarized world, Saudi Arabia and other Middle Eastern nations are choosing to diversify their global partnerships.

While states like Saudi Arabia may be getting closer to China, Beijing is far from becoming a U.S. rival in the region. According to Saudi analyst and writer Ali Shihabi:

by August USA dollar will be next to nothing like Anambra investment under obi

The world is finally catching up to USA monopoly play, all thanks to Putin for opening there eyes

Let's see how this plays out,I know for sure it will be an uphill task but bot impossible.

Jones4190:
by August USA dollar will be next to nothing like Anambra investment under obi

and will be as weak as tinubu body systems

Warl0ck:
and will be as weak as tinubu body systems

O, please have mercy on the sick dude

God bless Saudi, God bless Russia, God Bless China, God bless my country Nigeria.

Jones4190:
by August USA dollar will be next to nothing like Anambra investment under obi

Haha, yet china your russain savior, biggest trading partner is the USA with over half a trillion dollars worth of trade between them.
So will cjina also stop trading with the USA.

People like you don't even have a reason to be in the forgien affairs section.
Young man, the romantic section awaits you.
We're you low iq won't be an issue

God bless you sir...

Iamicekid:
The world is finally catching up to USA monopoly play, all thanks to Putin for opening there eyes

AbdulHakeem44:
In a surprising move, Saudi Arabia and the OPEC+ group of producers have announced a cut in oil production of approximately 1.6 million barrels per day.

While the move is aimed at achieving market stability, according to a recent report from the Financial Times, Saudi Arabia is attempting to adopt an economic strategy that is independent of the United States.

Saudi’s unexpected cut in oil production[size=8pt][/size]

The decision to cut oil production comes as a surprise, particularly as it is lower than the expected reduction of 2 million barrels per day that was to be agreed upon during the meeting that included Saudi Arabia and Russia.

Scheduled to commence in May, the announced voluntary reductions in production supplement previously established cuts agreed upon in October. Riyadh has officially stated that it will curtail output by 500,000 barrels per day, while Iraq will decrease its production by 211,000 barrels per day.

Other countries have also announced production cuts, with the United Arab Emirates cutting 144,000 barrels per day, Kuwait reducing its output by 128,000 barrels per day, Oman cutting 40,000 barrels per day, Algeria reducing production by 48,000 barrels per day, and Kazakhstan planning to decrease its output by 78,000 barrels per day.

Economic independence from the U.S.
According to the Financial Times report, the decision to adopt an economic strategy independent of the United States is due to declining relations between Riyadh and Washington during the Biden administration.

Last week, the Biden administration ruled out new crude purchases in an effort to refill a stockpile that was drained last year, and this was also reported to be an effort by the White House to curb inflation.

RBC Capital Markets Head of Commodity Strategy, Helima Croft, stated that Saudi Arabia was going to adopt an economic strategy without dependence on the US.

Saudi Arabia’s growing ties with China
Saudi Arabia has recently been granted the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), a China-led Asian security and economic bloc that includes Russia, India, Pakistan, and other major economic players. The kingdom could eventually be granted full membership.

The move is part of Saudi Arabia’s efforts to diversify its global partnerships. This month alone, Beijing mediated a landmark agreement between archfoes Iran and Saudi Arabia that could help significantly ease Middle East tensions.

Saudi Arabia also announced a $3.6 billion deal to buy 10% of China’s Rongsheng Petrochemical, which would see it supply 480,000 barrels per day of crude oil to the company.

The decision by Saudi Arabia to adopt an economic strategy independent of the United States could have significant implications for the U.S. and its relationship with the Middle East. As the U.S.’ rivalry with China and Russia intensifies in an increasingly polarized world, Saudi Arabia and other Middle Eastern nations are choosing to diversify their global partnerships.

While states like Saudi Arabia may be getting closer to China, Beijing is far from becoming a U.S. rival in the region. According to Saudi analyst and writer Ali Shihabi:

The reasons why nairalnad is full of idiots, do the OP even knows what it means to cut off economic ties with a country
To cut economic tie with a country means to stop trading with such country
Yet the USA is the 2nd largest trading partner to the suadi kingdom.
Yet as we speak the USA troops are stationed in the king fahid airbase in SA,
Yet the suadi Arabia is the highest buyer of USA military hardware Im the world.

Reading through the article this OP wrote, with no link anyway, you won't find a single portion or phrase well it was stated that the Arabians are cutting economic ties with the USA.

The suadi kingdom only cut short the production of oil, which they do all the time and one smart OP thinks that the USA is been affected, it affects everyone once the production of crude oil is cut short the product becomes in short supply, increasing the price.
Later this yeye h OP will start complaining when there is quee In filling station.

The most shocking is that people will comment without even reading the article, hence displaying their premium stupidity.

obedience4:


The reasons why nairalnad is full of idiots, do the OP even knows what it means to cut off economic ties with a country
To cut economic tie with a country means to stop trading with such country
Yet the USA is the 2nd largest trading partner to the suadi kingdom.
Yet as we speak the USA troops are stationed in the king fahid airbase in SA,
Yet the suadi Arabia is the highest buyer of USA military hardware Im the world.

Reading through the article this OP wrote, with no link anyway, you won't find a single portion or phrase well it was stated that the Arabians are cutting economic ties with the USA.

The suadi kingdom only cut short the production of oil, which they do all the time and one smart OP thinks that the USA is been affected, it affects everyone once the production of crude oil is cut short the product becomes in short supply, increasing the price.
Later this yeye h OP will start complaining when there is quee In filling station.

The most shocking is that people will comment without even reading the article, hence displaying their premium stupidity.

Lol, don't worry, you would soon read about the news from a verified source. You are free to question or doubt it.

If you don't know Saudi is gradually aligning with Beijing politically, you are on your own. You expect them to cut ties in both military and economy all of a sudden when there's contract binding the military deals between the two countries. Ten years contract to be specific and Saudi SI gradually showing the USA they aren't interested in them anymore.
But I doubt if you know what this means at all.

I will remind you when it comes to full glare of everyone. For your information, Saudi and Iran gradually getting along politically as well, don't worry, you will also read that from a verified source soon.lol

AbdulHakeem44:


Lol, don't worry, you would soon read about the news from a verified source. You are free to question or doubt it.

If you don't know Saudi is gradually aligning with Beijing politically, you are on your own. You expect them to cut ties in both military and economy all of a sudden when there's contract binding the military deals between the two countries. Ten years contract to be specific and Saudi SI gradually showing the USA they aren't interested in them anymore.
But I doubt if you know what this means at all.

I will remind you when it comes to full glare of everyone. For your information, Saudi and Iran gradually getting along politically as well, don't worry, you will also read that from a verified source soon.lol

I wish you success in your attempt to educate the resident ignoramus of the foreign section on nairaland... There are a number of them who are irredeemably and intentionally ignorant but this one is a "beauty"

Saudi Arabia through MBS is playing the Xi Jin Pin role in the Middle East currently. Bringing all the Arab nations together; Syria, Iraq, Iran. Indonesia has resuscitated the Asia Monitary Fund to rival the IMF all aimed at independence from the dollar. Interesting times ahead.

fydence:
I wish you success in your attempt to educate the resident ignoramus of the foreign section on nairaland... There are a number of them who are irredeemably and intentionally ignorant but this one is a "beauty"

obedience4:



Haha, yet china your russain savior, biggest trading partner is the USA with over half a trillion dollars worth of trade between them.
So will cjina also stop trading with the USA.

People like you don't even have a reason to be in the forgien affairs section.
Young man, the romantic section awaits you.
We're you low iq won't be an issue

Before USA, it used to be Brazil.
After USA, it will be another country as the main trading partner.
Afterall, USA nor get highest population.
Na dollar weaponising make many countries nor develope fully.
If it goes, countries will rise more, n demand for ostentatious goods will rise.
Abi u tink say na only US like better goods ni?

obedience4:


The reasons why nairalnad is full of idiots, do the OP even knows what it means to cut off economic ties with a country
To cut economic tie with a country means to stop trading with such country
Yet the USA is the 2nd largest trading partner to the suadi kingdom.
Yet as we speak the USA troops are stationed in the king fahid airbase in SA,
Yet the suadi Arabia is the highest buyer of USA military hardware Im the world.

Reading through the article this OP wrote, with no link anyway, you won't find a single portion or phrase well it was stated that the Arabians are cutting economic ties with the USA.

The suadi kingdom only cut short the production of oil, which they do all the time and one smart OP thinks that the USA is been affected, it affects everyone once the production of crude oil is cut short the product becomes in short supply, increasing the price.
Later this yeye h OP will start complaining when there is quee In filling station.

The most shocking is that people will comment without even reading the article, hence displaying their premium stupidity.

See idiot o.
N u want yo remain an idiot abi?
Nor open ur eyes..
Just dey use American porn stars dirty pant take do handkerchief.
Moomu

I wonder how many times this op was denied visa

Kojochyke:
See idiot o.
N u want yo remain an idiot abi?
Nor open ur eyes..
Just dey use American porn stars dirty pant take do handkerchief.
Moomu

Go to the romance section were your types with low IQ roam

Kojochyke:
Before USA, it used to be Brazil.
After USA, it will be another country as the main trading partner.
Afterall, USA nor get highest population.
Na dollar weaponising make many countries nor develope fully.
If it goes, countries will rise more, n demand for ostentatious goods will rise.
Abi u tink say na only US like better goods ni?

So population translate to purchasing power
Nigeria has one of the largest population dose that give it more purchasing power like Taiwan??
Cjina has the largest population yet it export more than its import,

India has more population than the USA dose it means that china would prefer to trade with India more than the USA who has the capacity to import more than India.

You guys they fear me for nairalnad

obedience4:



So population translate to purchasing power
Nigeria has one of the largest population dose that give it more purchasing power like Taiwan??
Cjina has the largest population yet it export more than its import,

India has more population than the USA dose it means that china would prefer to trade with India more than the USA who has the capacity to import more than India.

You guys they fear me for nairalnad

shebi with development, advancement n wealth, demand for commodities will increase.

Shebi as boys for street don dey get money, demand for cars has increased, thereby increasing sales .

Keep deceiving urself...

D moment America leaves, other places will develop at a faster rate, then demand for certain products will increase.

E be like say u nor know say d West dey drag n subdue everybody to remain beneath them.

Dey play!

obedience4:



Go to the romance section were your types with low IQ roam

u wen get high IQ.
Enjoy ur state of denial.
Nor be only romance section.
Na masturbation section.
Ode

pacino26:
Saudi Arabia through MBS is playing the Xi Jin Pin role in the Middle East currently. Bringing all the Arab nations together; Syria, Iraq, Iran. Indonesia has resuscitated the Asia Monitary Fund to rival the IMF all aimed at independence from the dollar. Interesting times ahead.

What is going on dude.. Look at what you just wrote
Well let's carefully disect what you just wrote.
First you said MBS is playing the XI role in bringing together or let's say uniting the Arab nations. I find such statement absurd, when you mention XI and the word unity or bringing together.
Asia hasn't been more divided or douse in tension since the twain strait crisis and the Korean civil war.
Cjina has allowed North Korea to be more berligent
All the big countries are at logger Heads with China South Korea, Japan, Taiwan, the Philippines, vetiham,
China continues to bully them, also militarizing the south China Sea by building military installation on multiple island, yet you are claiming XI has a focal point when it comes to uniting neighbors.
Hypocrisy at its peak.


Also I would love that you research more on the international Monterey fund, it uses and it's functions in world finance, because if you know it's roles and how it importance can't be overemphasized then you won't be polititizng the IMF

Indonesia as the 2nd largest Demorcay in Asia, always be pro west, West Africa has ecowas, the USA has the North America free trade agreement (NAFTA),
The USA also have the AGOA, with Africa countries.
There Is also ASEAN.
So the AMF is not going to threaten the USA or it's dollars


NB the Asia Monterey fund, thou it hasn't started or been implemented yet, it will be another economic bloc for Asia countries, not a means to rival the USA or IMF.

Kojochyke:
shebi with development, advancement n wealth, demand for commodities will increase.

Shebi as boys for street don dey get money, demand for cars has increased, thereby increasing sales .

Keep deceiving urself...

D moment America leaves, other places will develop at a faster rate, then demand for certain products will increase.

E be like say u nor know say d West dey drag n subdue everybody to remain beneath them.

Dey play!

We're will China see half a trillion dollars worth of trade
in the moon abi?


Do the math the USA trade with china alone amounts to 16.5% of China total forgien exchange.

Leave the USA china trade, nobody can't surpass it, the two economies are interwoven,
There are some things you can't replace,
Just as USA multinational corporations can't replace china cheap labour, or it's production capacity.
Which no country can rival,
So the USA market are for China, irreplaceable.