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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.

Cases: 143879

Reported Deaths: 3676
CountyCasesDeaths
DeSoto952799
Hinds9520193
Harrison6801105
Jackson6043116
Rankin521996
Lee477094
Madison4595102
Forrest360685
Jones341687
Lauderdale3340142
Lafayette312047
Washington3043106
Lamar273849
Bolivar237583
Oktibbeha237460
Lowndes227562
Neshoba2170113
Panola210347
Marshall206547
Leflore200389
Pontotoc192527
Monroe188877
Sunflower188754
Lincoln183664
Warren171757
Tate163049
Pike159958
Union159025
Copiah158840
Yazoo149538
Scott149429
Coahoma146742
Itawamba144433
Simpson143153
Alcorn142724
Pearl River142067
Prentiss138426
Grenada135844
Adams134148
Leake131643
Holmes124261
George121523
Tippah120430
Covington116434
Winston115824
Wayne115522
Hancock113337
Marion109046
Attala106133
Tishomingo105542
Newton102829
Chickasaw102132
Tallahatchie94727
Clarke88153
Clay86226
Jasper80421
Walthall73728
Montgomery71925
Calhoun71213
Stone71014
Carroll70114
Lawrence69814
Noxubee68917
Smith68616
Yalobusha67626
Perry63925
Tunica59519
Greene58222
Claiborne57416
Jefferson Davis53817
Humphreys52318
Amite50714
Benton48217
Quitman4766
Webster41614
Kemper40615
Wilkinson38422
Jefferson33511
Franklin3155
Sharkey30617
Choctaw3057
Issaquena1094
Unassigned00

Alabama Coronavirus Cases

Cases: 232506

Reported Deaths: 3457
CountyCasesDeaths
Jefferson30318491
Mobile19260356
Tuscaloosa12446148
Madison12204146
Montgomery12000232
Shelby971276
Baldwin819984
Lee750464
Morgan610447
Calhoun5964113
Etowah585764
Marshall579453
Houston503338
DeKalb460835
Cullman409636
Limestone400844
St. Clair396055
Elmore391061
Lauderdale378353
Walker348096
Talladega334042
Colbert294341
Jackson290524
Blount275436
Autauga261739
Franklin243633
Coffee230315
Dale225454
Dallas219631
Russell21753
Chilton216137
Covington212333
Escambia194031
Tallapoosa168590
Chambers167548
Clarke154919
Pike154714
Marion133935
Winston122523
Lawrence121436
Geneva11678
Marengo116424
Barbour116010
Pickens114118
Bibb113617
Butler113341
Randolph99521
Cherokee98524
Hale91531
Washington89818
Clay88823
Henry8386
Fayette83116
Lowndes78529
Monroe76811
Cleburne74214
Crenshaw70030
Macon69420
Bullock68919
Conecuh66814
Perry6686
Wilcox62318
Lamar6227
Sumter55322
Choctaw41713
Greene39917
Coosa3064
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