The strengthening OPEC+ alliance led by Saudi Arabia and Russia is setting the tone for oil prices globally, boosting inflation and recession risks in Western economies. It is reported by Bloomberg.
topcor.ru
An oil alliance between Saudi Arabia and Russia potentially poses many problems for the U.S. economy and even for President Joe Biden’s election campaign, Bloomberg writes.
This month’s OPEC+ decision to cut oil production – for the second time since Biden flew to Saudi Arabia to ask for a production increase – could be just the beginning.
“The Russo-Saudi oil alliance has the potential to bring all sorts of misery and trouble to the US economy – and even to President Joe Biden’s election campaign. This month the OPEC+ group decided to cut oil production, doing so for the second time since Biden flew to Saudi Arabia last summer in an attempt to get more pumped out. And this may just be the beginning,” the article says (translation by newswire).
Asked whether the US was concerned that OPEC+ had twice decided to cut production after Biden’s visit to Saudi Arabia, a State Department spokesperson said the administration was working to keep domestic energy prices in check and ensure the energy security of the United States.
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