Tensions rise between the United States and Saudi Arabia, after the announcement by OPEC plus to cut global oil production.
For weeks now, the United States has warned Saudi Arabia there will be consequences for the decision by OPEC plus to cut oil production by two million barrels a day. But Saudi leaders say the decision was simply about economics, not politics. It was also endorsed by all 23 oil-exporting countries which decide how much crude oil to sell on the world market.
This week, Saudi Arabia’s Energy Minister said countries should think twice about using their oil reserves to manipulate markets. The criticism comes as U.S. President Biden announced his administration will release 15 million barrels of oil from the Strategic Petroleum Reserve in an effort to stabilize gasoline and diesel prices
Joining the discussion:
- Jack Midgley is the Principal of Midgley and Company, a consultancy advising top executives in government and commercial organizations.
- Anton Fedyashin is a Professor of History at American University.
- Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity.
- Salman Al-Ansari is a Saudi political researcher in Riyadh, Saudi Arabia.
Relations between the US and Saudi Arabia may have plunged to a new low after the kingdom cut oil production in defiance of Washington’s wishes, but for American banks and investors flocking to a Riyadh conference this week, it is business as usual https://t.co/UyBukGiy8B
— Financial Times (@FinancialTimes) October 24, 2022
— ANADOLU AGENCY (@anadoluagency) October 27, 2022