Saudi energy minister Prince Abdulaziz bin Salman. Picture: SIMON DAWSON/BLOOMBERG
All of this has huge implications for the world’s energy markets at a time when, in erecting a fortress to safeguard oil, Abdulaziz and Saudi Arabia seem to be on the wrong side of history. The first member of the royal family to be the kingdom’s energy minister, Abdulaziz is the most important single person in the oil market today.
After the Opec+ meeting in Vienna in March 2020, Abdulaziz and his retinue boarded their waiting jet — registration number N767A emblazoned on its tail — and took off. An oil world geek monitoring the plane’s radar signature on a real-time aircraft tracking website would have known something was amiss. The plane did not land at Riyadh, the capital, where the energy ministry and Abdulaziz’s residence are located.
The meeting ended without agreement. Ominously, Alexander Novak, then the Russian oil minister, said to reporters afterward, “Given today’s decision, all Opec+ countries from April 1 have no obligations to cut output.” Now all eyes were on Abdulaziz. Asked if Saudi Arabia would follow Russia’s lead, he told reporters: “I’ll keep you wondering.”
When the oil market reopened on Sunday evening, Brent crude, the global benchmark, plunged almost 25% within seconds — the biggest one-day fall since January 1991, during the Persian Gulf War. The carnage extended beyond the oil market. The MSCI World Energy Sector index — a basket of leading petroleum companies, including ExxonMobil, Chevron, Royal Dutch Shell, Total and BP —plummeted almost 19%, its biggest ever one-day drop, erasing $330bn in share value.
The Saudi Aramco oil field complex facilities at Shaybah in Saudi Arabia’s Rub’ al Khali desert. Picture: REZA/GETTY IMAGES In his Bloomberg TV interview, Abdulaziz had said: “If I’m going to be called something, I would like to be ‘volatility buster.’ ” And yet once again, representing Opec+’s largest producer, here he was, fighting to retain Saudi control of the market and preserve the “volatility buster” reputation he had tried to craft for himself.
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