A year ago, Mohammed bin Salman was an outcast in Washington, D.C. This week, President Joe Biden will meet the Saudi Arabian crown prince on his home turf to ask for more oil. The turnaround underscores how the kingdom can benefit from the fallout from Russia’s invasion of Ukraine – if it wants to.
An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim ShemetovLONDON, July 13 - A year ago, Mohammed bin Salman was an outcast in Washington, D.C. This week, President Joe Biden willthe Saudi Arabian crown prince on his home turf to ask for more oil. The turnaround underscores how the kingdom can benefit from the fallout from Russia’s invasion of Ukraine – if it wants to.
The U.S. president is in a bind. Western sanctions against Russian oil, which accounts for 10% of the globe’s 100 million daily barrels, have lifted prices higher than $100 a barrel since March, and pushed U.S. gasoline prices$4 a gallon. Biden’s short-term objective is to persuade Saudi to boost oil production above its current output of around 11 million barrels per day.
His second goal is broader. India and China, both key Saudi customers, have recently been buying over 1 million barrels of Russian oil a day more than their 2021 level, at a 30% discount to a barrel of Brent crude. Biden wants Saudi to divert some of its surplus to the European Union, where an official embargo on Russian oil is due to start in December.
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