The UAE ambassador to Washington, Yousef al-Otaiba, said it favored production increases “and will be encouraging Opec to consider higher production levels”, leading oil prices to fall by 13% the next day. But no action to increase supply followed and by the week’s end the price per barrel was back up to almost $130 (£100), an uncomfortably high level for Biden to take to the midterms.
With relations between the Middle East oil powers and Washington at their lowest ebb in modern times, though, a reckoning is due that may realign the regional order on terms that favor Riyadh and Abu Dhabi. Both leaders have made it clear that they will settle for nothing less and are ready to extract their price.
Biden’s immediate priority is for both countries to help exert maximum economic pressure on Russia by cranking up their oil output. Each capital is a major supplier of oil, with excess capacity, which would soften the effect on US consumers through fuel prices before midterm elections in November that threaten Democratic control of Congress.
Our foreign policy is Clear. Win the Midterm.
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