OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil.
The cartel looked set to rebuff the request, triggering a bare-knuckle fight with the White House, which is worried that inflation caused by high energy prices could derail its economic agenda.
“You take a look at oil prices,” Biden told reporters at a news conference at the United Nations climate summit in Glasgow on Tuesday. Fuel costs are high because of “the refusal of Russia or the OPEC nations to pump more oil.”
It’s a fight that transcends the oil market and goes deep into America’s alliance with the Middle Eastern kingdom, which has been tense since a U.S. report released in February concluded that Crown Prince Mohammed bin Salman approved the killing of Washington Post columnist Jamal Khashoggi. Biden has so far refused to speak with the crown prince, infuriating the royal palace in Riyadh, which had nearly unfettered access to the White House during the Trump administration.
No comments:
Post a Comment