Oil Hinges on Saudi Dilemma: Bust Budget or Anger Trump? - Bloomberg:
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
For Mohammed bin Salman, the kingdom’s crown prince and day-to-day ruler, the dilemma has been sharpened by the murder of Jamal Khashoggi in the Saudi consulate in Istanbul. Under pressure from angry senators and other Washington power players, he needs Trump’s political protection.
Things will come to a head this weekend at the Group of 20 summit in Buenos Aires, a meeting that could shape the oil market in 2019 and affect everything from the war in Yemen to the share price of Exxon Mobil Corp. Vladimir Putin will also play a key role -- Russia and Saudi Arabia have spent the last two years working together to manage the oil market.
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