With a quarter of the world’s oil reserves, Saudi Arabia is the most influential member of the Organization of Petroleum Exporting Countries (OPEC) and able to put an extra two million barrels of oil on the international markets within days. But the kingdom is notoriously opaque about its oil policy and reserves, with decisions made at the highest level by the ruling House of Saud. The royal house is composed of a Saudi elite which even the White House appears to have minimal influence over, and one that is determined to ensure its survival in the face of growing domestic concerns and a changing geopolitical environment. Track record Since the oil company Saudi Aramco was fully nationalized in 1980, the kingdom’s oil policy has been relatively clear and consistent. Based on a low price band (between $18-$25 per barrel), Saudi Arabia aimed to maintain price stability through excess spare capacity,
