Simon Henderson is the Baker fellow and director of the Bernstein Program on Gulf and Energy Policy at The Washington Institute, specializing in energy matters and the conservative Arab states of the Persian Gulf.
Articles & Testimony
Gulf squabbles over production quotas highlight the industry’s uncertain future, but in the meantime Washington may have to deal with heightened pressure at home.
Another year, another oil price crisis. A year ago, deep in the first months of the COVID-19 pandemic, Saudi Arabia and Russia became embroiled in a battle of who should cut more oil production. With demand dropping but supply still high, prices had plummeted. At one point, some were actually negative—you literally couldn’t give oil away, a consequence of full storage tanks. Now, recovering from COVID-19, the world economy is reviving, but OPEC+ can’t agree on how much to open the tap...