Why Biden Could Come Back From Saudi Arabia Empty Handed | OilPrice.com

- Jul 13, 2022, 9:00 AM CDTThe trip may end in disappointment as Middle East producers have very little capacity to spare.Join Our Community

The Middle East is just the right place to go when oil supply is concerned. Unfortunately for President Biden and for consumers in America and elsewhere, the biggest oil producers in the Middle East have very little to offer in the short term to alleviate the pain at the pump. Saudi Arabia, the world’s biggest crude oil exporter, may not have the capacity and/or the willingness to tap deeper into capacity despite the continuous calls from major oil-consuming nations.

The soaring oil prices and record national average gasoline prices of over $5 per gallon in the United States on some days in June, months before the midterm elections, have prompted President Biden to consider a visit to Saudi Arabia and a meeting with its rulers. Two years ago, he described Saudi Arabia as a “pariah” state and criticized it for its track record of abuses of human rights.

“A more secure and integrated Middle East benefits Americans in many ways. Its waterways are essential to global trade and the supply chains we rely on. Its energy resources are vital for mitigating the impact on global supplies of Russia’s war in Ukraine,” he added.

Why should opec produce more if they feel oil is going to crash again? It’s been repeatedly expressed that opec does not see a supply demand imbalance.

Tanto que demócratas y liberales en EEUU y en el resto de Occidente atacaron 'sin piedad' al príncipe MBS por el asesinato del periodista Jamal Khashoggi. La energía proveniente de cualquier fuente con tal de que no sea desde EEUU, luce estar por encima del orgullo demócrata.

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