Why the Saudis Won't Pump More Oil
Just as Saudi Arabia refused to accommodate American requests to increase oil production last November, it is likely to refuse US President Joe Biden’s request today. When the Saudis increase their production, it will be because doing so is in their own interest.
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PARIS – America’s relationship with Saudi Arabia has hit a new low. Following its ban on imports of Russian oil – part of a sweeping set of economic sanctions imposed on Russia in response to its invasion of Ukraine – the United States hopes that Saudi Arabia and the United Arab Emirates will boost production to rein in skyrocketing prices. But Saudi and Emirati leaders have reportedly been declining US President Joe Biden’s calls.