Biden Administration Foreign Policy
Will Biden's visit to Saudi Arabia lead to lower prices?

President Biden is expected to ask his hosts in Jeddah next month to increase oil production in order to lower prices in the global market. So far, the Saudis have not signaled that they intend to comply with the request, especially when a sum of about $1 billion from the sale of black gold enters their coffers every day.
 
But even if the Saudis respond to Biden's request, many in the oil market doubt that prices will fall, perhaps quite the opposite. Both Saudi Arabia and the Emirates have the option of flowing another 3-4 million barrels a day. This is a total share of 3% - 4% of global demand, but this is the almost only production reserve left in the world and therefore the fear is that the market will not be ready in the event of any future supply shortage.
 
It is also important to remember that beyond the oil supply, the world today has a problem of limited refining capacity for the production of gasoline, diesel and jet fuel, after years of green legislation.
 
Bottom line, currently the expectations for a breakthrough in the oil market amid a visit to Biden are low.

# Biden Administration # Economy # Saudi Arabia
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