OPEC’s oil supply reduction plays heavily in discussions.
Last week, the Organisation of the Petroleum Exporting Countries (OPEC+) announced that they will be reducing their petroleum output by 2 million barrels per day, equal to 2% of the global supply. Russia is a part of OPEC+, and Saudi Arabia is the de-facto leader of the organization.
Though the kingdom has denied collusion with Russia and says the cuts are necessary due to rising interest rates, President Biden’s administration is considering a reassessment of their relationship with Saudi Arabia in light of this decision.
“The president believes it’s time to look at that relationship and make sure it’s serving our interests,” National Security Council spokesman John Kirby. He added that President Biden has “talked about the need to not be afraid to think anew about this bilateral relationship.”
As the Lord Leads, Pray with Us…
- For wisdom for members of the National Security Council as they advise the president.
- For Advisor Jake Sullivan to seek God’s guidance as he evaluates the status of national security.
- For the president and his administration as they assess oil and gas production and supply.
Sources: The Hill, Reuters
