Saudi Aramco's sponsorship isn't about selling more crude oil. Experts say it's about building influence, burnishing the company's reputation and supporting Saudi Arabia's broader ambitions on the world stage.
The economic landscape in this country looks very different now than it did four weeks ago, when the U.S. and Israel began waging a new war in Iran that has spread throughout the region. And the economic impact has been nothing but negative.
The war in Iran has cost the global oil supply roughly 15 million barrels a day, or 15%, so far. A shock that poses a “major, major threat” to the global economy, said Fatih Birol, the head of the the International Energy Agency.
The 100-year-old mandate was intended to protect the U.S. shipping industry. Analysts differ in how much they think waiving it will impact the cost of oil.