Saudi Arabia and other OPEC+ members have announced a surprise cut in oil production of 1.16 million barrels per day (bpd) [1][2]. This brings the total output cuts to 3.66 million bpd, which is equivalent to 3.7% of global demand and will start from May until the end of the year [1][2][3]. The move has been described as “unreservedly bullish” and could lead to an immediate $10 per barrel increase in the price of oil [1][2]. However, the US has criticized the move, calling it “inadvisable” due to uncertainty in the market [1][2][3]. The voluntary reductions are aimed at supporting the stability of the oil market amid concerns over global recession and demand reduction [2].
Read also: Brent Crude Oil – Live Charts and Prices.
References:
[1] OPEC+ announces surprise oil output cuts [2] OPEC+ announces surprise oil cuts, while U.S. calls … [3] OPEC+ announces surprise oil production cut that could …At 2019 Democratic Debate, Biden had vowed to treat the country as a “pariah”
During a 2019 Democratic debate, Biden did use the word “pariah” in reference to Saudi Arabia, stating, “We were going to, in fact, make them pay the price, and make them, in fact, the pariah that they are” [1]. However, while Biden has pledged to prioritize human rights in his foreign policy, his administration has faced criticism for failing to follow through on proposed policy reviews and for implementing limited measures in response to the murder of Jamal Khashoggi [1][2][3]. The administration is currently considering a presidential visit to Saudi Arabia, which has raised concerns among some lawmakers and human rights activists about the administration’s stance on human rights [3].
References:
[1] Biden promised a harder line on Saudi Arabia. Why can’t … [2] Biden to Travel to Saudi Arabia, Ending Its ‘Pariah’ Status [3] ‘Pariah’ no more? Democrats grit their teeth over Biden’s …At October 2022, Russia and Saudi Arabia agree to massive cuts to oil output
In October 2022, OPEC+ (which includes both Russia and Saudi Arabia) did agree to cut output by 2 million barrels a day [1][3]. Additionally, as mentioned in the previous search results, there have been discussions about potentially deepening these cuts or imposing further output restrictions [2]. It is important to ensure the accuracy of information before sharing it.
Read also: WTI Oil Price: West Texas Intermediate (WTI).
References:
[1] OPEC+ makes deep oil output cuts sought by Saudi Arabia … [2] OPEC+ to consider deeper oil output cuts ahead of Russia … [3] OPEC Plus opts against cutting production as oil prices fallAt March 2023, Iran and Saudi Arabia agree to restore relations with China Help
Iran and Saudi Arabia have agreed to restore diplomatic relations and reopen their embassies within two months, with the agreement being brokered by China [1][2][3]. The agreement was reached during talks in Beijing and includes a commitment to respect each other’s state sovereignty and not interfere in each other’s internal affairs, as well as activating a security cooperation agreement signed in 2001 [1][3]. This development follows years of tension between the two countries, which has complicated efforts by the US and other Western powers to contain Iran’s nuclear ambitions [2]. The restoration of relations could potentially have significant implications for the Yemeni civil war and the Iran nuclear deal [3].
References:
[1] Iran and Saudi Arabia agree to restore relations | News [2] Iran and Saudi Arabia agree to restore diplomatic relations [3] Iran and Saudi Arabia agree to restore ties after China- …China and Saudi Arabia are getting closer. Should the US be worried?
There is a growing economic partnership between China and Saudi Arabia, with the two countries expected to sign agreements worth billions of dollars to deepen trade, business, and investment relations [2]. Saudi Arabia is China’s biggest supplier of crude oil, and China has been increasing its role in the Middle East, mediating an agreement between Iran and Saudi Arabia and significantly strengthening energy ties with Saudi Arabia [1][3]. However, experts believe that China is unlikely to replace the US as Saudi Arabia’s defence guarantor in the foreseeable future [2]. Although the US is concerned about the defence and security aspects of the partnership, China’s non-alliance policy and aversion to playing regional politics suggest that the Saudi-China relationship is unlikely to become a full-blown alliance [1]. Overall, while the growing partnership between China and Saudi Arabia could have implications for the Middle East and beyond, it is not necessarily a cause for immediate concern for the US.
References:
[1] China and Saudi Arabia are getting closer. Should the US … [2] As US watches on, China-Saudi relations grow in importance [3] Experts react: Iran and Saudi Arabia just agreed to restore …
