Background on the power struggle inside Saudi Arabia and why things won’t be getting better for OPEC anytime soon.
It took a short while, but more info emerged on the power transition inside Saudi Arabia. When there are no elections and dissent is not allowed in a country, armed and coercive backroom power plays determine who is in power.
Also, the distress on OPEC+Russia isn’t likely to end soon.
7/2/17 – Wall Street Journal – Saudi Arabia Moves to Silence Deposed Prince, Dissidents – Article says the newly appointed Crown Prince, Mohammed bin Salman, has placed travel restrictions on the former Crown Prince.
More serious is that the former Crown Prince’s personal guards have been replaced with other guards loyal to the royal court. From my reading of court intrigue from ancient history, which I think carries over to a modern autocratic country, a leader recruits guards whose primary loyalty is to that leader. Replacing a leader’s guards represents a significant degradation in the power and especially the ability to someone to intervene politically. It also is a serious drop in the level of personal security.