Saudi Arabia and the United Arab Emirates have “chosen to severely weaken their ties with Washington” rather than increase the supply of oil, Barron’s reports. They are tying their threat to withhold increased production to their demands for US policy changes on other issues in the Middle East, including greater US support for the war in Yemen, the report said.
They want Biden to back off his goal of restoring the 2015 nuclear deal with Iran, for the US to deal directly with Crown Prince Mohammad bin Salman, and to restore its designation of the Houthi movement as a terrorist organisation, the report said. While the US may make some concessions, there’s no sign yet it’ll agree to these other demands, the story said.
Read the full story: Barron’s.
ALSO on AF:
China, Saudis Aim For Petro-Yuan – Sylvain Saurel
India May Buy Discounted Russian Oil, Officials Say
Saudi Aramco to Build ‘Major’ Refinery Complex in China