MOSCOW, October 6 – Novosti. The OPEC+ agreement to cut oil production signals the failure of the US course to build allied relations with Saudi Arabia, writes The New York Times.
“OPEC+’s decision to cut oil production is a signal that Joe Biden ‘s influence over his ally in the Persian Gulf is much weaker than he would like,” correspondent David Sanger and NYT Istanbul bureau chief Ben Hubbard said in a joint article.
Journalists regarded the statement of the exporting countries as evidence of the failure of Washington’s attempts to reduce Moscow’s export earnings. In addition, the cartel’s decision testifies to the inability of the White House to make the crown prince of the Saudi kingdom its ally.
The actions of the members of the OPEC+ deal underlined the challenges faced by US policy in the face of the risk of a global recession, and at the very moment when the energy issue became a key one against the backdrop of the conflict in Ukraine.
They also draw attention to the fact that the decision of the oil alliance was taken at a very unfortunate moment for Biden. With only a month left before the US midterm elections, fuel prices are already on the rise. Gas station price hikes could be up to 30 cents a gallon, reporters say.
The oil-exporting agreement marks the end of an era when U.S. leaders could turn to Riyadh for help , which was ready to comply with their requests out of a desire to maintain warm relations with Washington, writes NYT.
“The crown prince has made it clear that he wants to move away from the United States, expanding foreign policy relations, especially with Russia and China,” the authors of the material summed up.
Numerous restrictions against Russia , established by Western countries, have provoked record inflation and rising fuel prices in themselves. To stabilize the situation, Joe Biden made a visit to the Middle East in July , during which he visited Saudi Arabia, one of the key members of the OPEC + deal. The American president asked to increase oil production and supplies to the countries of the Persian Gulf .
On October 5, the OPEC+ countries agreed to cut oil production by two million barrels per day from November, and to take the production levels agreed upon for August as a reference point. The alliance explained its decision by uncertainties around the global economy and forecasts for the oil market. Despite the unfolding energy crisis in Europe and rising energy prices in other regions of the world, this step was supported by all participants in the deal.