@dweetle: How can a barrel of oil cost only a few dollars to produce but sell for $100+? Saudi Arabia has some of the world’s lowest-cost oil production because of its enormous, highly productive fields and relatively low lifting costs. But production cost isn’t the same thing as the price of oil. The global price is influenced by supply and demand, OPEC decisions, production levels, economic conditions and geopolitics. That’s why a barrel that costs relatively little to extract can still be worth dramatically more on the global market. And this is where Saudi Arabia’s influence becomes especially important. Ali Al-Naimi, who served as Saudi Arabia’s oil minister for more than two decades, was one of the key figures in global oil markets during some of their most volatile periods. Oil isn’t just about what’s underneath the ground. It’s also about who controls the supply, who needs the resource, and how much power each country has over the market. Follow @dweetle for more business, technology, economics, and fascinating ideas. DM for credits or removal. #Dweetle #Oil #Economics #Geopolitics #Business

dweetle

Open In TikTok:

Region: GB

Monday 17 August 2026 08:00:42 GMT