The administration of President Joe Biden (D) has previously claimed, up to claims as recently as today, that the trip that Biden took out to Saudi Arabia a few months back had absolutely nothing to do with oil.
Despite these claims, a recent story out of The New York Times highlighted a “secret deal” that the administration had tried to secure with the kingdom, which was later abandoned by Saudi Arabia.
Officials within the Biden admin started working on meeting with the Saudis back in spring and allegedly set up a “private oil deal” under which the kingdom would leverage their power to force the OPEC oil cartel to push their output of oil up by almost 400,000 barrels per day back in July instead of when it was previously planned to happen in September.
The officials then thought they had managed to get the kingdom to agree to raising its oil production by roughly 200,000 barrels per day starting back in September and going forward through the end of the year.
OPEC officiallay annoucned back on the 2nd of June that the request form the administration for an accelerated timeline of the additional 400,000 barrels per day. Directly after that announcement, Biden stated that he would be making a trip out to Saudi Arabia personally.
When the president made his way to Jeddah, Saudi Arabia, back on the 15th of July, the price of oil was just begining to trend back down.
Once the pre4sident had met up with Crown Prince Mohammed bin Salman, the country’s day-to-day leader, the Saudis handed over a series of charts to the administration that highlighted that the overall price of oil had dropped and issued a promise that they would once again increase production of oil to a shocking 11 million barrels per day, which various reports highlighted that the country “had reached for only a few months in total over the past several years.”
While Biden and his team assumed they had managed to secure the deal, the Saudi officials were expressely telling others that they had absolutely zero intention to go through with any sort of plan.
The recent report also noted that the first warning showed up back in August when OPEC expressed that it would only be setting a 100,000 barrel increase in oil production, only about half of what was expected to happen. A few weeks later, OPEC stated that it was abandoning its previously mentioned 100,000 barrel increase.
Once the administration learned of the change of heart by the kingdom, they desperately attempted to stop their new plan, but it was to no avail.
The recent report effectively stated that the Biden administration was clueless as to just why the kingdom chose to stab the United States in the back regarding their “secret deal.”
Both Biden and the Democrats have responded to the decision from Saudi Arabia to cut further oil production by threatening to follow through with punitive actions targeting the kingdom, citing possible economic measures to reducing their military capabilities.