President Joe Biden is headed to the Middle East this week and the pressure in on for the U.S. to look to Saudi Arabia, the world’s largest oil exporter, for...
President Joe Biden is headed to the Middle East this week and the pressure is on for the U.S. to look to Saudi Arabia, the world’s largest oil exporter, for more barrels of oil.
Biden plans to visit the Middle East region from July 13 to July 16, with stops in Israel, the West Bank, and Saudi Arabia. The meetings with key leaders in the region include Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler. The timing of Biden’s trip is particularly crucial, as prices for oil hover above $100 a barrel and gasoline prices at the pump hold near record highs.
U.S. benchmark oil futures CL.1 CLQ22 touched highs above $123 in March of this year, with prices settling at $123.70 on March 8, the highest finish for a front-month contract since August 2008. August West Texas Intermediate crude dipped more than $4 early Tuesday to edge below $100 a barrel. Yergin, author of The New Map: Energy, Climate, and the Clash of Nations and vice chairman of IHS Markit, also pointed out that “there does not appear to be a large amount of extra oil in Saudi Arabia that can be produced on short notice.”
For 2023, the IEA expects world oil demand to reach 101.6 million barrels a day, but total supply, expected at 101.1 million barrels a day, would come up short.
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