Saudi Arabia sees the US as weak
(archive.ph)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (12)
sorted by:
Of course. Remember when Biden, less than 24 hours into his presidency, canceled pipelines, oil leases and exploration. Then OPEC instantly slashed production by millions of barrels, raising oil prices.
The Arab nations maintain stability by bribing the extended royal family and elites with oil revenue. To them the price of oil only dictates how much they pump and sell, if the price is driven down they have to produce more to cover their fixed costs, if it goes up they'll slash production to save oil and keep the price high.
The Trump era of low prices was the culmination of US production driving prices down, leading to the Arab nations having to dump more oil on the market to keep their revenue up, leading to them lowering the prices further and having to sell even more oil. At one point it got so bad they'd pay you to take oil if you had a tanker to put it in.
Faced with a US president who sabotaged his own nation, and then goes and begs them to pump more oil to keep US pump prices low, of course they'll see him as weak.