Saudi Arabia decreased daily oil production despite Biden’s request to increase. The Saudi move favors Russia. Why did they do it ?
Saudi Arabia announced oil production cuts at the OPEC meeting in October by 2million barrels daily or 2% of global production. President Biden had asked the Kingdom's leadership to increase production in July. The Saudi move seemed to favor Russia and work against Western economic sanctions against Russia's Ukraine war. Why did they do it and what do they have to gain ? Professor Nicholas Grossman explains what is at play with this key US ally.
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