Saudi Arabia, in response to surging shale production, has decided to cut exports to the U.S. Saudi crude imports had spiked in the first half of 2017. Yet no sooner had Riyadh made that decision that Iraq, OPEC’s second-largest producer, announced it would step up exports to the U.S. to make up for the drop in Saudi supply.
The quote is from Gregory Brew's "OPEC Members Pursue Own Agenda As Glut Persists" for Oil Price on June 14. Riyadh is also cutting exports to some Asian buyers -- all part of its struggle to overcome a global glut in petroleum supplies. But the specifics pale next to the implications when one action by a government is immediately offset by another government's action.
Once again the whirlwind rules human affairs, as the old order crumbles under vast changes playing out on a grand scale.
So how to survive the Age of the Whirlwind? Learn balance.
Photo: RAMMOHAN PARANJAPE for BBC's The young Indians riding a surfing wave