Oil Market Implications of Russia's Attack on Ukraine

The transcript discusses the Western response to oil market challenges, including potential strategic petroleum reserve releases and an Iranian deal. It highlights the current oil market dynamics driven by fears of shortages rather than demand recovery from COVID-19. The discussion also covers the role of OPEC and the diplomatic pressures on Saudi Arabia, which is balancing its alliances with both Russia and the West.

What is the significance of the relationship between Saudi Arabia and both Russia and the West?

What historical context is provided regarding Saudi Arabia's experience with economic warfare?