Even if Saudi Arabia and other leading oil-exporting countries cut their production targets this week, spurning U.S. efforts to keep supplies flowing, the move may barely register in global oil prices. Here's why
A Saudi Aramco tank farm for crude oil and refined products near the Persian Gulf port of Ras Tanura in Dharhan, Saudi Arabia on Jan. 11, 2018. Over most of the year, the Biden administration has, with limited success, urged Persian Gulf countries to pump more oil. (Christophe Viseux/The New York Times)
Even if Saudi Arabia and other leading oil-exporting countries cut their production targets this week, spurning U.S. efforts to keep supplies flowing, the move may barely register in global oil prices.
An output cut by Saudi Arabia and its allies would reinforce the growing perception that Crown Prince Mohammed bin Salman of Saudi Arabia and President Vladimir Putin of Russia are working closely together to manage oil markets. That is not what President Joe Biden had in mind when he visited Saudi Arabia in July, shared a fist bump with Crown Prince Mohammed and called for more production.
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