icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Attempts to crack down on OPEC sign of US-Saudi relationship falling apart – RT’s Keiser Report

Attempts to crack down on OPEC sign of US-Saudi relationship falling apart – RT’s Keiser Report
The US House Judiciary Committee passed a bill on Thursday that would allow the Justice Department to sue members of OPEC for manipulating the oil market.

According to Max Keiser, “this little alliance [between OPEC and the US – Ed.] has been going strong since the 1970s,” as the quid pro quo was that the US would buy Saudi oil and the Saudis would buy US debt.

“Of course, the energy industry is capital intensive, and all of the banks and energy companies in America generate a lot of debt and they needed some place to park it. And they parked it in the Saudi empire and returned for the oil.”

Max adds: “So, this symbiotic relationship is apparently falling apart.”

According to Stacy Herbert, multinationals like Exxon Mobil are concerned about their assets in places like Nigeria, which is part of OPEC. This is the sort of conflict we see starting to erupt at this period of transition of empires and superpowers, she explains.

“The fact is that Saudi Arabia is OPEC, they don’t really need those other nations to raise or lower, reduce supply. Most of their oil is now going to China, not to the US or other markets. So, that relationship is becoming more important,” Stacy says.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.