The new oil war

Opec moves against the US

Saudi Arabia and Russia’s agreement to cut oil production in defiance of Washington may upend the global energy order

Saudi Energy Minister Abdulaziz bin Salman speaks during a conference following a meeting of Opec and non-Opec countries in Vienna on Oct 5, 2022. PHOTO: BLOOMBERG
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Half a century ago, the Yom Kippur war between Israel and Arab states put a new cartel of oil producers at the centre of global politics. The Organisation of Arab Petroleum Exporting Countries, including Saudi Arabia and the United Arab Emirates, halted oil supplies to the Western countries that had supported Israel. It was the first global oil shock.

Last Wednesday, the Jewish holy day of Yom Kippur, Saudi Arabia and its oil allies - which now include Russia in the Opec+ group - moved to upend the world's energy order again.

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