Saudi Arabia’s oil minister Ali Naimi penned a sharply worded piece in the Financial Times on Thursday declaring that high prices are unjustified because “there is no lack of supply.”
But what does resorting to an op-ed in the Financial Times actually tell us about the kingdom’s position?
Could it be that the Saudis have taken a leaf out of the Fed’s book, an institution also known to have lost firepower, and resorted to communications as a policy instrument in its own right? That is, when all else fails, resort to Jedi mindtricks: “This is not the supply shortage you’re looking for”.
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