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Thankfully, H2 can also be made locally with electrolysis to hopefully block any cartel players.
The source of electricity is what matters. There are two types of electrolyzers PEM and alkaline, both require a lot of electrical energy. Using natural gas for producing hydrogen is cheaper but lots of CO2 is produced defeating the purpose. With vast desert lands and high solar radiation , Saudi can produce solar power at very low cost which can be used to produce green hydrogen which can then be used for ammonia to be transported like oil. Europe has taken the lead in hydrogen production with planned investments of $300 billion. We are lagging here.