Saudi Arabia, under increasing pressure from the West, must change its word?
Of all the knock-on effects of the Conflict in Ukraine, none has had more international impact than the price and supply of oil and gas.As most countries in the world rely on Russian oil and natural gas, in the context of the current sanctions, Russia’s oil production cut or even cut off supply directly affects the volatility of international crude oil prices.So is there a solution to this problem?The answer is yes, but the West needs to use some hegemonic means to bring about a solution.Since western countries have mostly imposed sanctions on Russia over the Ukraine issue, It is natural for Russia to take some counter-sanctions measures, including cutting off or cutting off gas and oil supplies to relevant countries.These are mainly European countries, with Germany already trying to reduce its energy dependence on Russia by importing gas from Qatar.But oil prices remain high, making it more expensive for western countries to buy oil from other sources.The most straightforward solution to the oil price problem would be for other producers to pump more while Russia cuts production, so that the market does not have to be cheap.In today’s world, in addition to Russia and Venezuela, the two “bones” that the West cannot chew, the only ones who can exert pressure are the “oil giants” in the Middle East, among which Saudi Arabia bears the brunt and has become the focus of pressure on the object of western countries.But from the producers’ point of view, rising oil prices are a good thing; forcing them to increase production will have to use hegemony.Saudi Aramco has decided to increase oil production in response to the world’s growing demand and dependence on oil, the Guardian reported.The company said it would expand its investment in the oil sector next, taking into account world demand for oil and geopolitical issues.It is clear that western pressure on Saudi Arabia is working. If Saudi Arabia increases its oil production substantially this year, it will inevitably see a drop in international oil prices.In addition to Saudi Arabia, the UNITED Arab Emirates is also known to be under pressure from the West.The UAE is currently in the process of increasing oil production.However, the fall of international oil prices will not be precipitous. Russia is a typical oil power and has a certain say on the issue of oil prices. Therefore, the development situation of international oil prices will eventually be affected by the Conflict in Ukraine.For some information, refer to global Times