Saudi Arabia and the United Arab Emirates have “chosen to severely weaken their ties with Washington” rather than increase the supply of oil, Barrons reports.
They are linking their threat to withhold increased production to their demands for US policy changes on other issues in the Middle East, including greater US support for the war in Yemen, the report said. They also want President Joe Biden to back off his goal of restoring the 2015 nuclear deal with Iran, for the US to deal directly with Crown Prince Mohammad bin Salman, and to restore its designation of the Houthi movement as a terrorist organisation, the report said. While the Biden administration may be preparing to make some concessions in the face of high oil prices, there is no sign yet it will agree to these other demands, the story said.
Full story: Barron’s.
ALSO on AF: