Saudi Arabia’s Decided Who Its Future Superpower Partner Is, And It’s Not the US

By Simon Watkins – Oilprice.com

Since the replacement of Russia by China as the primary would-be superpower rival to the U.S., Saudi Arabia has sought to balance its relationships with Beijing and Washington — sometimes leaning more one way, and sometimes the other. Until the 2014-2016 Oil Price War, the U.S. was the core relationship; after the war had finished, it was China and Russia; and then, from the start of U.S. President Donald Trump’s second term in office, it was the U.S. again. However, in the aftermath of Operation Epic Fury against Iran, this looks set to shift once more back to China and Russia, with a series of high-level meetings between Chinese and Saudi Arabian officials taking place last week. One of these — between the deputy head of China’s National Energy Administration, Song Hongkun, and Saudi Aramco’s Downstream President, Mohammed Al Qahtani — focused on boosting global energy security and bilateral oil and gas cooperation between the two sides. So, how has the global oil market arrived at this point, and what happens next?