as observers watch closely for signs that the world’s two largest oil exporting nations, Saudi Arabia and Russia, will raise prices by cutting production.
A combination of post-COVID industrial activity and Russia’s invasion of Ukraine sent Brent crude futures north of $130 per barrel in early 2022, causing U.S. gas prices to a record-high national average of $5.02 per gallon to mark the start of summer driving season. Biden’s approval ratings took a direct hit, bottoming out at just 38% in the weeks that followed.
More recently, drone attacks aimed at Russian oil refineries took supplies offline and further cut into the country’s oil output. “Demand is going to creep higher, seasonally, in the second half of the year, and it’s going to outstrip supply growth from non-OPEC+ sources,” James Davis, who heads up crude production forecasting at FGE, told thein an interview. “So the balance is going to get tighter. That’s the expectation.”, well below where they were at the same point in 2022. But spring prices are not necessarily a reliable indicator for gas costs later in the year.
If nothing else, the 2022 cuts underscored a more bullish Saudi Arabia that is willing to prioritize its own bottom line above all, Feierstein, the former U.S. ambassador to Yemen, told the“They don’t love Biden. I think that they remember Biden’s comments from the 2020 campaign, which were pretty harsh about Saudi Arabia. They probably wouldn’t mind seeing Donald Trump back in office,” Feierstein added, though he described any political components as secondary to Saudi Arabia’s self-interests.
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