Saudi crown prince predicts Russia’s exit from oil market

My FX Forum

Staff member
The global oil market is forecast to go through a range of dramatic changes by Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud. He believes the oil market should alter so remarkably within a certain time that the top exporters are to be mostly replaced. The majority of current key participants, including Russia, will be forced to look for new sources of income.

“Nineteen years from today, Russia will have declined heavily if not disappeared with 10 million barrels,” Al Saud said.

Aforesaid outlook might be partially based on the fact that Russia’s access to the industry’s newest technologies and equipment is quite narrow at the moment.

Saudi’s crown prince also expects China to leave the oil market as an oil exporter in a much closer future than Russia – within only 5 years.

Meanwhile, Mohammed bin Salman Al Saud is confident that the forthcoming problems in the industry will not affect Saudi Arabia.

“So we don’t believe that there is any risk in that area for Saudi Arabia. No one is talking today about planes going and flying by electricity or ships moving in the sea by electricity. Adding to that the demand coming from petrochemicals and the future of petrochemicals after 10 to 20, 30 years from today,” Al Saud summarized.

The country is so well-heeled that sees no need to pay the US for protection. The recent deal between Washington and Riyadh enables Saudi Arabia to produce weapons using American technology. It can be considered as an achievement either for the White House or for the Arabic country.