US should balance response to OPEC+ oil cuts with other needs
Yet again, Iran lurks in background.
Biden’s Saudi reset takes a hit….
US President Joe Biden called the OPEC+ decision this week to cut production by 2 million barrels a day (bpd) a "disappointment,” and he’s right. Top administration officials warned Saudi leaders that a decision to cut production would be a "total disaster" and possibly a "hostile act," and Riyadh did it anyway, according to the scoop from CNN.
Biden once again is getting pummeled, including by many in his party, for his July meeting (and fist bump) with Saudi Crown Prince Mohammad bin Salman Al-Saud, commonly referred to by his initials MBS. The perception among critics is that Biden was played by MBS. The oil price increase has consequences for the US and its allies, as well as developing countries who will be hit even harder.
…but it could get worse
