China–brokered deal between Iran and Saudi Arabia catches world by surprise CanadiansInvest
A new crude oil bloc seems to be taking shape, apparently at the cost to the U.S. and the WestOn Mar. 10, a China-brokered deal between two oil-producing rivals in the Middle East, Iran and Saudi Arabia, was announced. The deal took the world by surprise and indicated that a new global order was beginning to crystallize. It also announced the emergence of China on the global geopolitical horizon.
And in the meantime, the Russian/Saudi alliance on the crude horizon seems to be continuing, despite the war on Ukraine and the pressure from Washington on Riyadh to openly side with the western powers. In the meantime, courtesy of the turmoil in the global banking sector , the oil markets slumped last week to a 15-month low, with Brent crude dropping 11 per cent to below $74 a barrel. That led to the commitment by the world’s two major oil producers to keep a tight leash on oil output and was a definite signal to the market that OPEC+ was determined to keep a floor under the crude market prices.
The Saudi criticism of oil price ceilings came against the backdrop of the western price cap on Russian seaborne oil exports. It also notably follows a Mar. 9 meeting between Saudi Foreign Minister Faisal bin Farhan Al Saud and his Russian counterpart Sergei Lavrov in Moscow.
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