Why Saudi Arabia’s Crown Prince Tanked Oil Markets

Why Saudi Arabia’s Crown Prince Tanked Oil Markets
People walk past a banner showing Saudi King Salman and Crown Prince Mohammed bin Salman outside a mall in Jeddah, Saudi Arabia, Mar. 7, 2020 (AP photo by Amr Nabil).

With the global economy already teetering as the result of the coronavirus outbreak that is now officially a pandemic, Saudi Arabia’s young and powerful crown prince, Mohammed bin Salman, has risked pushing the world into recession by firing a shot directly into the oil markets. It was a trademark move by the prince, known as MBS, who has shown he can be brazen and ruthless—and occasionally self-destructive—when he’s determined to get his way. On Sunday night, MBS announced that Saudi Arabia would sharply increase its oil output despite a steep decline in global demand. It was precisely the opposite of […]

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