Oil Jumps As Biden Fails In Begging Saudis For More Oil By Michael Robison for The Gateway Pundit
Oil prices surged to more than $100 a barrel on Monday after President Joe Biden left Saudi Arabia over the weekend, failing to secure a commitment from the Kingdom to boost output.
Early Monday, Brent crude jumped by nearly 2.5% to around $103.50 per barrel. West Texas Intermediate, the primary US pricing benchmark, also jumped almost 2% to more than $99 a barrel.
The idea of OPEC+ boosting oil supply wasn’t even presented during a weekend meeting between Biden and other Arab leaders, according to comments by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud.
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Biden refuted the claims, but Monday’s price surge tells a different story. Biden’s inability to convince Saudi Arabia to produce more oil has resulted in another price surge in the midst of an energy crisis.
Oil prices rise above $100 a barrel as Biden fails to secure an oil output deal with Saudi Arabia https://t.co/dWqKxDnyK4
— World News Guru (@worldnews_guru) July 18, 2022
“Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders,” market analyst Naeem Aslam told Guardian.
“The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve,” Aslam said.
“OPEC+ will continue to control oil supply, and one country alone cannot determine the oil supply — at least that is the message that traders have taken from Biden’s visit to Saudi Arabia,” he said.
Biden claimed Friday that the Kingdom shared his urgency to boost supply. He said he expects the Saudis to take move forward on the shared goal.
