'With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession.'
in a statement Thursday that the Biden administration privately urged OPEC to postpone its supply reduction announcement by one month, a delay that would have pushed the decision off until after the U.S. midterm elections.the Saudis of trying to"deflect" and said the U.S. presented the kingdom with an analysis showing that"there was no market basis to cut production targets, and that they could easily wait until the next OPEC meeting to see how things developed.
"Other OPEC nations communicated to us privately that they also disagreed with the Saudi decision, but felt coerced to support Saudi's direction," Kirby added."We are reevaluating our relationship with Saudi Arabia in light of these actions.""This is MBS' October surprise," Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft,, referring to Saudi Crown Prince Mohammed bin Salman."This is his election interference.
"It forces Biden to make a choice," Parsi added."Will he protect America's democracy and Democratic lawmakers in Congress, or will he triple down on a flawed gamble that says that the U.S. has no choice but to acquiesce to Saudi Arabia to prevent Riyadh from aligning with Russia?" This story has been updated with comments from White House National Security Council spokesperson John Kirby.
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