There have been perhaps a handful of events since the end of the Second World War that have fundamentally reshaped the world’s oil markets and consequently its geopolitics while remaining largely unnoticed at the time.
The quiet agreement between U.S. President Franklin D. Roosevelt and Saudi King Abdulaziz bin Abdul Rahman Al Saud struck on 14 February 1945 that would define the energy, economic, political and military relationship between the two countries until the rise of American shale in the early 2010s is one, as analysed in my latest…