U.S. and Saudi Relations Are Cracking (So is the Petrodollar)

by Jody Chudley
Daily Reckoning

If it hasn’t been on your radar recently, it should be.

The relationship between the U.S. and Saudi Arabia is at a crossroads. The new Saudi regime has proven to be unpredictable, if not downright reckless.

Witness how they wasted two months of planning and any chance of success at last weekend’s meeting in Doha, Qatar. In Doha, 16 major oil producers met to discuss a potential oil production freeze that would drive up oil prices. The Saudis torpedoed any deal since it would benefit Iran. Of course, higher oil prices would also benefit U.S. oil producers, many of whom are struggling to survive at current oil prices.

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