Saudi Arabian Energy Minister Prince Abdulaziz bin Salman says the kingdom won't agree to a text that calls for the phase down of fossil fuels at the COP28 summit in Dubai.
Oil futures crashed in March 2020 on the heels of the initial spread of Covid-19 as Saudi Arabia flexed its oil producing muscles, amidst an output dispute with Russia, thereby flooding markets and cementing their role as de facto OPEC+ leader.