Joe Biden’s Oil Gamble Set to Backfire as Saudi Arabia Sticks With Russia

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from Newsweek,

President Joe Biden’s attempt to lower rising oil prices by convincing Saudi Arabia to increase production looks set to fail as Saudi officials have indicated the country is not willing to abandon its oil production alliance with Russia, which Washington has claimed is part of the reason for sky-high fuel costs.

Biden will begin his Middle East trip this week in his first trip to the region since taking office, starting in Israel and the occupied West Bank. He will end his trip in Saudi Arabia. Biden has said that the trip will advance American interests by focusing on the global trade and supply chains the U.S. relies on.

Many countries in the West, including the U.S., want Saudi Arabia to produce more oil to help mitigate the growing global energy crisis that was ignited by the Ukraine war.

According to a report in the Wall Street Journal on Sunday, U.S. officials said Biden will discuss Saudi Arabia’s human rights record during the trip. The paper reported that Saudi officials are not likely to make any human rights concessions nor will they be willing to abandon an oil-production partnership with Russia.

More production will also punish Russia, a major oil exporter, by bringing global prices down.

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