
Why OPEC Is Cutting Oil Production (and Why There’s Not Much the U.S. Can Do About It)
Washington is furious at Saudi Arabia: Members of Congress are demanding to freeze all cooperation, halt arms sales for a year and remove American troops and missile systems from the kingdom. President Biden warned of “consequences”.
American rage followed the Oct. 5 decision by OPEC Plus — 23 oil producers led by Saudi Arabia, which includes Russia — to cut oil production quotas by two million barrels per day starting in November.
If the United States follows through on its threats, the Biden administration would be a true maverick in Middle East policy, because no other administration — Republican or Democratic — has ever retaliated against Saudi Arabia in any serious manner for its oil policies.… Seguir leyendo »