A crude move
The Saudi Arabians have cut oil production to boost prices and fatten their wallets. It’ll work. But higher inflation will be collateral damage.
Saudi Arabia is the largest country in the world without a river. But, what they lack in lagoons, they more than make up for in oil. The world’s second-largest oil reserve flows beneath their deserts, and it’s quick and cheap for them to suck a barrel out. That allowed the kingdom to take control of the oil market and get…