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National oil producers can and are shifting the cost of the lowered prices to other sectors of the economy. They are fighting a multi-front war with Iran directly (in Yemen) and indirectly (in Syria, Lebanon, and Iraq). Saudi confidence in their financial wherewithal is proving misplaced.
The move allies the US with such luminary states as Iran, Libya and Yemen, the only three other countries in the world not to ratify the Paris Agreement. This order was not unexpected, as Mr. Trump did the same dumb thing in 2017 , which President Biden reversed right away in 2021.
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