Lower oil prices may mean that Saudi Arabia no longer dominates in oil production. The United States, Russia, and China are all hoping for a slice of the pie, which means some very interesting diplomatic maneuvering must take place. For example, even though Russia and Saudi Arabia support different sides in the Syrian civil war, Putin’s Russia has made moves to promote energy deals with Saudi Arabia. China wants not only to import oil as its own oil production declines but wants Saudi Arabia to invest in its petrochemical and refinery industries. And President Trump has called for the proposed initial public stock offering of Saudi Aramco, a deal potentially worth hundreds of billions of dollars, to be listed on the New York stock exchange.
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