US-Saudi spat heats up as it’s not ‘your Daddy’s OPEC’ anymore

There has been a lot of back and forth lately over whether political factors motivated the recent OPEC decision to cut crude oil production. One thing that’s for certain is that supply risks to the global oil markets are running high, and the coming EU ban on seaborne Russian crude and G7 implementation of a price cap on Russian exports are adding another layer of uncertainty and potential volatility as no one knows what the market dislocation will be from these unprecedented events.

Phil Flynn, senior market analyst at the PRICE Futures Group and a Fox Business Network contributor, joined the podcast and shared how an about-face by the Biden administration on energy policy could help moderate fuel prices and shore up global oil supplies. He also gave his take on OPEC’s decision making, the souring of US-Saudi relations and the harms shortsighted, retaliatory actions against Saudi Arabia could have on US strategic priorities.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.