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Saudi Arabia calls for oil output cuts

Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said "there will need to be a reduction of supply from October levels, approaching 1 million barrels." CNN's John Defterios reports.

Posted: Nov 12, 2018 7:48 PM
Updated: Nov 12, 2018 8:04 PM

The killing of Saudi critic Jamal Khashoggi confirms what we already know: The US alliance with Saudi Arabia is not built on shared values. This is a relationship sustained by mutual interests, namely oil for security. From Wahhabism to hate speech to incitement and women's rights, the US has compromised on its values repeatedly.

Whatever steps Congress and the Trump administration take to punish the kingdom, there is a line that cannot be crossed. Elements of the US-Saudi strategic partnership remain vital to US interests — especially Riyadh's role as the world's swing oil producer. The kingdom's massive oil wealth keeps global oil markets balanced and prices relatively low.

If America really wants to start distancing itself from its unhappy marriage with Saudi Arabia, it needs a plan. The Saudis recently unveiled their plan to become less dependent on oil. It's called Vision 2030. Washington needs a Vision 2030, too.

Even if Saudi Arabia was not an imperfect or troubling ally, the US needs this vision. The US must adopt a national strategy for a post-oil future. Without energy independence, or at least a serious plan for a post-oil future in mind, Washington will find itself stuck in the past. A national strategy for a post-oil future would boost the US's geopolitical flexibility and leverage around the world, ending its need to rely on less-than-ideal partners. Such a blueprint would enable the US to pursue both interests and values equally, finally breaking Washington's long-standing dilemma with the Saudis and other allies in the Middle East.

On a policy level, an American Vision 2030 could include providing subsidies or indexing tax credits for electric cars that would incentivize increased ownership of electric vehicles. It could include government funding to boost R&D efforts at companies like Tesla or Lucid Motors to help them develop more cost-effective models. It could include a spending package to build a large, well-connected charging infrastructure network.

America's vision for energy independence could also include policies to promote a competitive market for alternative transportation fuels, breaking the gasoline monopoly. A healthy alternative fuel market would free the US from its overwhelming dependence on Saudi Arabia to stabilize oil markets. And alternative fuels like ethanol can be sourced domestically, meaning the US need not rely on foreign actors to balance fuel prices.

A US Vision 2030 might ironically even propel Saudi Arabia's Vision 2030. A competitive fuel marketplace would likely lower oil prices and thus decrease Saudi government revenue, further underscoring the imperative of Crown Prince Mohammed bin Salman's plan to diversify the Saudi economy away from oil as quickly as possible. An added bonus: Decreasing Saudi oil rents will also likely reduce the pot of money available for those in the kingdom still funding extremist ideologies at home and abroad.

The Khashoggi affair is doubtless the worst crisis between the US and Saudi Arabia in recent memory. We've been through other crises in the past, including the attacks of 9/11 and the Arab oil embargo after the 1973 Yom Kippur War. After each crisis, we went back to business as usual. But perhaps this time is different.

Perhaps this is a wakeup call. The US has for too long sacrificed values for interests with many Middle Eastern partners. An energy-independent America could act from a position of values with all of our Middle Eastern partners, representing a sea change in the US's regional relationships. Washington's leverage would increase vastly, finally enabling the US to vocally demand change that the Middle East so badly needs. This is the change that Jamal Khashoggi called for — and an outcome Khashoggi would embrace.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 94021

Reported Deaths: 2846
CountyConfirmedDeaths
Hinds7017157
DeSoto544859
Harrison378073
Jackson341869
Madison321886
Rankin320276
Lee263368
Jones243878
Forrest240971
Washington218671
Lafayette211639
Lauderdale2015124
Bolivar179765
Oktibbeha175950
Lamar163934
Neshoba1548104
Panola144927
Sunflower142945
Lowndes141257
Warren138250
Leflore137781
Pontotoc124116
Pike121749
Monroe119966
Scott116825
Copiah116433
Coahoma113627
Holmes109458
Marshall108015
Lincoln107353
Grenada106835
Yazoo104130
Simpson101544
Union98324
Tate95837
Leake94138
Adams92236
Wayne87721
Pearl River86952
Marion84234
Prentiss82617
Covington80822
Itawamba78021
Alcorn77611
Tallahatchie76221
Newton76123
George75513
Winston73119
Tishomingo66537
Chickasaw66224
Tippah65017
Attala64325
Walthall59525
Clay58217
Hancock56921
Clarke56342
Jasper55915
Noxubee54515
Smith52614
Calhoun50712
Tunica48113
Montgomery45821
Claiborne45616
Lawrence42712
Yalobusha41914
Perry41318
Quitman3755
Humphreys37415
Stone36012
Greene35417
Webster33213
Jefferson Davis32911
Amite31410
Carroll31412
Wilkinson30118
Kemper28615
Sharkey26313
Jefferson2439
Benton2232
Franklin1913
Choctaw1806
Issaquena1033
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Alabama Coronavirus Cases

Confirmed Cases: 132452

Reported Deaths: 2335
CountyConfirmedDeaths
Jefferson19230342
Mobile13192291
Montgomery8711175
Madison767475
Tuscaloosa7355114
Lee576560
Shelby576550
Baldwin512449
Marshall388943
Calhoun339040
Etowah338447
Morgan322626
Houston275322
Elmore258647
DeKalb237519
St. Clair225535
Walker225080
Talladega209927
Limestone202119
Cullman186819
Dallas176226
Franklin174828
Russell17302
Autauga171425
Lauderdale166233
Colbert162126
Blount157314
Escambia157325
Jackson152711
Chilton151328
Dale134143
Covington133427
Coffee12898
Pike11729
Chambers114042
Tallapoosa113984
Clarke106317
Marion95228
Butler91138
Barbour8487
Winston71812
Marengo70219
Lowndes65127
Pickens63914
Bibb63510
Randolph62413
Hale61628
Lawrence60320
Bullock59314
Geneva5844
Monroe5798
Cherokee57516
Clay5537
Washington54913
Perry5396
Conecuh53011
Wilcox53011
Crenshaw52532
Henry4805
Macon47920
Fayette4299
Sumter42319
Lamar3552
Choctaw34612
Cleburne3346
Greene30215
Coosa1673
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