President Biden (left) with Crown Prince Mohammed bin Salman on his trip to Saudi Arabia
Letter from the Middle East: Opec balances Russia and the West
The cartel is happy to wait for further developments before committing to more drastic action
US president Joe Biden seems to have come away from his first diplomatic visit to Saudi Arabia in July empty-handed, with the Opec+ alliance in early August swiftly deciding on only a small rise in output targets from September. But the current US administration should not have expected anything different. The announced production increase by Opec+ of 100,000bl/d is so small it seems cosmetic at best and insulting at worst. And the situation is exacerbated by the fact that supply constraints mean the actual physical increment will be more like 50,000-60,000bl/d—even assuming Saudi Arabia, the UAE and Iraq make full use of their extra allowances. In contrast, a briefing by the US’s Middle Eas
Also in this section
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
26 March 2025
Well-functioning democracies are required for healthier economies and a thriving oil industry
