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Financial Times declares KSA is the best in global oil market

By Marwa Mahmoud

Amidst the sharp fluctuations in the global oil markets this year due to the consequences of  Corona pandemic, Saudi Arabia crowned itself as the best player in the global oil market during 2020.

The article published by the British newspaper “Financial Times” by the British oil expert, Ilya Bushev, former head of Koch Global Research, indicates that the Kingdom has succeeded in imposing its word on the market this year.

He added that not only through its ability to restore balance to the market, but through its introduction of more dynamism into OPEC supply strategies.

The article moved to talk about Saudi Arabia’s policy of punishing gamblers in the global oil markets

The writer says, “The world consumes about 100 million barrels of oil per day, which are exported from the producing countries.

Saudi Arabia’s oil policy is very much appreciated recently as it has succeeded in rebalancing the global oil market, which has been severely affected by the Corona pandemic.

The report added  that Saudi Arabia played the biggest role in doubling prices about 3 times, which contributed to the return of calm to the global oil markets after the prices of some of its raw materials reached the negative range.