The growing alliance of OPEC +, led by Saudi Arabia and Russia, sets the tone for oil prices in the world, increases inflation and recession risks in the economies of the West. It is reported by Bloomberg.
The oil alliance between Saudi Arabia and Russia potentially creates many problems for the US economy and even for the election campaign of President Joe Biden, writes Bloomberg.
The OPEC+ decision this month to cut oil production, the second time since Biden flew to Saudi Arabia to ask for more production, could be just the beginning.
“The Russian-Saudi oil alliance is capable of bringing all sorts of troubles and troubles to the American economy — and even the election campaign of President Joe Biden. This month, the OPEC+ group decided to cut oil production, for the second time since Biden flew to Saudi Arabia last summer in an attempt to boost pumping volumes. And it is possible that this is only the beginning”, the article says (INOSMI translation).
Asked if the US is worried that OPEC+ decided to cut production twice since Biden’s visit to Saudi Arabia, a State Department spokesman said the administration is working to contain domestic energy prices and ensure US energy security.
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