President Joe Biden went to Saudi Arabia this summer and came back with nothing but egg on his face. And it hasn’t gotten any better. When Biden was there Saudi Arabia-led OPEC was talking about cutting oil production which would raise oil prices around the globe. Biden and his team were apoplectic and pressed our key Mideast allies not to do it.
But that didn’t work so well. On Wednesday, October 5, OPEC announced that they were cutting production of oil by two million barrels per day, despite efforts by the Biden administration to avert the measure. So, Joe Biden and his administration released 10 million barrels from the Strategic Petroleum Reserve (SPR) on Wednesday, putting it at its lowest level since the 1980s, according to Forbes.
On Wednesday, Biden got snubbed by OPEC, marking the biggest reduction by the Organization of Petroleum Exporting Countries (OPEC+), the plus being its allies, since 2020. Of course, we Americans will be the ones suffering when the oil prices increase, forcing gasoline prices to go even higher.
Even though senior members of the Biden administration reached out to members of the cartel, including Saudi Arabia, Kuwait, and the United Arab Emirates, their efforts were to no avail. Those senior members included Amos Hochstein, Biden’s top official for energy, as well as the top White House official for the Middle East, Brett McGurk.
“I think it is a mistake on their part. And I think it’s time for a wholesale re-revaluation of the U.S. alliance with Saudia Arabia,” Democrat Senator Chris Murphy (CT) told CNBC. “I just don’t know what the point of the current alliance is, if we have to work so hard to get the Saudis to do the right thing.”
United Arab Emirates Energy Minister Suhail Al Mazrouei said the decision was “technical.” It’s very important that it remains as a technical decision and it’s not political.
Mazrouei added, “That’s why it’s important to look at the technical side of the equation and look at any concerns regarding the economy and the status of the economy.”
Former UN Ambassador Nikki Haley slammed President Joe Biden for failing to stop the cut in OPEC’s oil production during a Fox News appearance on Wednesday.
Haley told host Martha MacCallum, “It is ironic that they said this was shortsighted. What was shortsighted was Biden to come out of the gate and just shut down energy production in this country. And what’s really telling about this is the OPEC position, who was really pushing OPEC to cut? Russia? So, who was OPEC listening to? If there’s something, that is the part of the administration that is paying attention to, and the fact that they don’t put the country in this situation.”
MacCallum continued, “You know, our oil reserves are down to the 80s. we’re at the level we were at in the 80s. So, he says that he’s going to dip into 10 million more barrels of oil, all he’s doing is trying to buy time into the election. The reality is that we have a serious problem here, and what he needs to do is right it with our oil producers, export as much liquefied natural gas as we can, and open up the system, that’s the only way to fix this.”
“When you’ve got Russia and Saudi Arabia, which has always been a complicated ally, but still an ally, and China on the same page basically against the United States when it comes to the global oil markets, we’ve got a big problem on our hands,” MacCallum concluded.
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