Biden humiliated and Saudi «stable and balanced» oil market
Biden humiliated and Saudi «stable and balanced» oil market, the decision by Gulf energy producers to restrict oil output ahead of the midterm elections has put the White House at the heart of a public conflict with Saudi Arabia, leaving President Joe Biden “humiliated” after his summer outreach to the country.
Topics
Saudi Arabia has the upper hands
Biden Under pressure
Stability and Balance
Saudi Arabia has the upper hands
In recent weeks, Saudi Arabia’s Crown Prince and his allies have humiliated
Joe Biden by quietly scaling back production to prop up prices ahead of the November elections.
The move has angered U.S. officials, who argue it will drive up gasoline prices and give Republicans a political victory.
Biden administration officials have been scrambling to contain the fallout from the dispute,
which threatens to undermine his efforts to improve relations with Saudi Arabia and other Arab countries.
When Jen Psaki spoke to reporters about Saudi Arabia’s plans to cut production, she said that Biden was “disappointed.”
It’s no secret that the U.S. has long had a complicated relationship with Saudi Arabia, and this news is sure to add more fuel to the fire.
“We think this is not helpful,” she said, “It’s certainly not something we would support.”
On Sunday, the Saudi energy minister announced that the
kingdom would cut its oil output by one million barrels per day in June,
following a similar production cut by fellow OPEC members.
The decision was made to stabilize prices as global demand recovers from the Covid-19 pandemic.
Biden Under pressure
But it also comes just weeks before Biden is set to meet with Gulf leaders at the G20 Summit, where he had been expected to press them on other issues.
Joe Biden has “no plans” to meet with the Saudi Arabian Crown Prince Mohammed bin Salman on the sidelines of the Group of Twenty Summit next month,
a White House official said Sunday.
This comes after the president warned earlier this week that the country would face
“consequences” for coordinating with Russia and other energy producers to cut oil production.
President Biden is sending a message to Saudi Arabia that their actions have consequences,
and it’s also clear that he’s not afraid to stand up to them –
even if it means skipping a meeting at an international summit.
The timing of the production cuts has led many observers to believe that they are intended to put pressure on
Biden ahead of the summit, in particular, Democrats in Congress have accused
Saudi Arabia of using oil as a “political weapon” against the United States.
“It is unacceptable for any country to use energy as leverage over another country,”
Senator Bob Menendez, chairman of the Senate Foreign Relations Committee said in a statement Monday.
This stance by President Biden is sure to be appreciated by many Americans who are tired of seeing our country taken advantage of by other nations.
America needs a leader who will put America first, and it looks like they finally have one in Joe Biden.
Stability and Balance
The Saudi king’s announcement that the country is striving to support the stability and balance of the global oil market is a welcome development.
Saudi Arabia is committed to ensuring that the oil market remains stable and predictable,
which is essential for both producers and consumers alike.
In addition, King Salman’s commitment to tackling climate change is also very encouraging.
With its vast oil and gas reserves, Saudi Arabia has a key role to play in helping to reduce greenhouse gas emissions globally.
By investing in renewable energy sources and taking steps to improve energy efficiency,
Riyadh can make a significant contribution towards mitigating climate change.
King Salman of Saudi Arabia has called for a resolution to the conflict in Ukraine,
emphasizing the need for dialogue to find a peaceful solution.
The Crown Prince and Prime Minister Mohammed bin Salman echoed these sentiments,
stressing the importance of finding a way forward that benefits all parties involved.
The war in Ukraine has been raging for over five years now, with no end in sight.
Thousands have died and millions have been displaced.
It is time for this senseless violence to come to an end.
King Salman’s call for peace is a welcome one,
and we hope that all sides can come together and find a way to resolve this conflict once and for all.
However, Oil prices increased in thin trade in early Asian hours on Monday as the strength of the
The US dollar fell and
investors awaited data from China to assess demand in the world’s top crude oil importer.