June 9, 2023

Fior Markets News Blog

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Saudi Arabia did not succumb to US pressure, and Biden had to take action – Saudi Arabia’s Crown Prince US President Joe Biden has denied a condition on the oil issue.

Highlights of the story

  • Saudi Prince Joe Biden was not heard
  • US President embroiled in oil crisis

Tensions are running high between the United States and its ally Saudi Arabia. These tensions between the United States and Saudi Arabia developed due to oil. Due to the corona epidemic, the situation in the United States has deteriorated due to the strategy adopted by the major oil producing countries in crude oil production. Despite numerous demands from the US administration, Saudi Arabia’s Crown Prince is adamant in his decision not to increase oil supplies.

The United States announced last Tuesday that it would release 50 million barrels of crude oil from ‘strategic reserves’ in a bid to reduce petrol prices and provide relief to the American people. It is believed that due to this big move by the US, there will be a significant increase in the supply of oil in the market.

Oil-producing nations have made a big decision during the Corona era

It is noteworthy that over the past year and a half, an agreement has been reached between the Organization of the Petroleum Exporting Countries (OPEC) and Russia (all together ‘OPEC Plus’). Under the agreement, oil demand was reduced due to the corona epidemic and oil prices were reduced, after which these countries decided to reduce oil production. These major crude oil producing countries are trying to control the market to increase oil prices. Although the United States continues to urge these countries to increase oil production rapidly after the impact of the corona impact has subsided, those countries must deliberately refuse and gradually increase production, both slowly and sparingly.

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Inflation in the United States is rising at a 30-year low, and petrol prices are rising steadily. In October, oil-producing countries such as Biden, Russia and Saudi Arabia decided not to pump too much oil, which is why we feel petrol shortages, and this method is not right. US ambassadors to Saudi Arabia have repeatedly called for an increase in crude oil production, but no diplomatic pressure is seen on Saudi Arabia.

Biden has not yet spoken to the Saudi prince

It is noteworthy that Biden has not yet met with Saudi Arabia’s Crown Prince Mohammed bin Salman. Biden may have spoken to the Saudi king, that is, to his father, but Biden has not yet spoken directly to the Crown Prince. According to reports, questions have been raised about the Crown Prince’s role in the assassination of Washington Post journalist Jamal Kashogi in 2018, and for this reason Biden has not yet spoken to the Crown Prince.