Saudi Arabia Shanks Joe Biden With Major Oil AnnouncementBy Bonchie
Aug 03, 2022
Joe Biden’s recent trip to the Middle East made many headlines, and none of them were particularly good. The president first landed in Israel where he promptly insulted Holocaust victims. At several other points during the week, he looked physically and mentally frail, appearing aloof and out of it. Then there was Biden’s stopover in Saudi Arabia, which led to a now-infamous fist bump that set teeth gnashing because the left hate the Saudis.
But the topline from the president’s tour was simple: It accomplished nothing. While the White House tried to hint that a deal for increased production had been reached, there was never any evidence offered. The reason why became clear on Wednesday after the Saudis stabbed Biden directly in the front as part of a big announcement from OPEC Plus.
https://twitter.com/JavierBlas/status/1554812548423335936Saudi Arabia is one of the original founders of OPEC, and they wield heavy influence over the OPEC and OPEC Plus nations. The entire point of Biden’s trip to the kingdom was to secure Saudi support for a large increase in production to help offset the global oil supply crunch that has driven up prices. Instead of getting a production boost of around half a million barrels a day, the president ended up with just 100,000, a massive reduction compared to the expectation. For context, the United States uses about 21 million barrels of oil a day, making a global increase of 100,000 a day nothing but a rounding error.
* * *
Source:
https://redstate.com/bonchie/2022/08/03/saudi-arabia-shanks-joe-biden-with-major-oil-announcement-n606414
