The oil alliance between Russia and Saudi Arabia could create various problems for the US economy, as well as for President Joe Biden’s 2024 re-election campaign, writes Bloomberg.
As the newspaper notes, the decision to reduce oil production, taken by OPEC + countries, including Moscow and Riyadh this year, was the second since last summer when Biden came to Saudi Arabia to convince the kingdom to increase production.
The agency notes that in a “world of shifting geopolitical alliances,” Saudi Arabia is “breaking out of Washington’s orbit”: Riyadh sets the level of oil production in agreement with Moscow, and to reduce tensions with Iran, it turned to China for mediation, leaving the United States aside .
“In other words, Western influence on the oil cartel is at its lowest level in decades,” Bloomberg emphasizes.
The State Department, commenting on Washington’s fears about the second reduction in oil production by OPEC + countries after Biden’s visit to Saudi Arabia, told the agency that the White House is “focused on curbing domestic energy prices and ensuring US energy security.”
Washington deems production cuts to be “unreasonable” given continued market volatility, but will wait to see what action OPEC+ ultimately takes, the agency said. On April 15, the White House reported that it had held talks with Riyadh, during which the topic of oil production was also touched upon.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
