OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Energy Futures at Mizuho Securities, in a Bloomberg TV interview this week. Yawger added that the entire market would be best left in Saudi Arabia’s hands to manage. The energy commentator made no mention of Saudi Arabia’s role in the oil price war that immediately preceded the coronavirus-inspired lockdowns. At that time, Saudi Arabia (and Russia) deliberately increased production and exports, flooding the world with oil and crashing prices. Oil prices even fell below zero. The demand loss that followed due to Covid-19 made it nearly impossible to recover from the deluge. The market crash, Yawger said, “left a terrible scar on the industry. It rallied back under the management of the Saudis. The rest of OPEC has a […]