Riyadh signaled to White House it would act if crude prices are too high to win goodwill in Congress
Saudi Arabia has told the White House it would be willing to boost oil production early next year if crude prices are high, a move aimed at winning goodwill in Congress for a deal in which the kingdom would recognize Israel and in return get a defense pact with Washington, Saudi and U.S. officials said, according to the Wall Street Journal.
Talks on a deal have centered on Saudi recognition of Israel, a move that could remake the geopolitics of the Middle East in return for U.S. weapons sales, security guarantees and help building a civilian nuclear program. An agreement would be a diplomatic coup for President Biden as he faces a re-election battle.
The White House may need congressional support for a deal. Negotiators are now discussing a new defense pact with the kingdom that could require Senate approval as well as U.S. support for Saudi efforts to create a civilian nuclear program, and billions of dollars in weapons sales. Public acknowledgment that the Saudis could act to lower oil prices next year might help cap crude oil prices under $100 a barrel, a historically high level that has in the past fueled inflation and led to calls in Washington for action.
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