REview: Saudi Arabia oil confrontation with Biden Administration

September 07, 2023

The new strategy is rooted in the 2016 expansion that created OPEC+ when Saudi Arabia and Russia joined forces. One factor must be a realization that Saudi Arabia crossed a threshold in October. Riyadh used its influence over oil prices in what looks like an attempt to turn US voters against a sitting US president. OPEC cuts and upstream opportunities for non-OPECWhat about the oil market reaction to those three rounds of OPEC cuts? The US economy will still use oil, and Saudi Arabia will remain an important exporter with outsized strategic value.