As the US and Europe try to use sanctions to significantly reduce Russia’s main sources of revenue – the gas price cap currently being debated in the EU is also moving in that direction – these measures are being massively torpedoed by the alliance of oil-producing countries, including others. Last week, OPEC, in partnership with some non-member states such as Russia (OPEC+), decided to cut world production by two million barrels (159 liters each) per day. This has sparked outrage, especially in the United States. Calls for a “freeze” on cooperation with Saudi Arabia are getting louder.
“The United States must immediately freeze all aspects of our cooperation with Saudi Arabia, including all arms sales and security cooperation, except for what is absolutely necessary,” Democratic Senator Robert Menendez said Monday. US President Joe Biden had previously expressed disappointment at the decision of the organization led by the Kingdom of Saudi Arabia. “OPEC’s decision to cut production quotas is shortsighted. Straight away. The global economy is finally grappling with the lingering negative effects of Putin’s invasion of Ukraine,” the White House said. Washington warned that OPEC’s decision will primarily affect low- and middle-income countries.
Biden: “We are looking at alternatives”
The US president announced to reporters on Wednesday: “We are looking at what alternatives we have.” There are a few options, he emphasized without getting more specific, adding: “We haven’t decided anything yet.” The White House is already working with Congress on a legislative package designed to limit OPEC’s control over energy prices. Lawsuits against the antitrust law are also pending.
US senator: “Enough is enough”
Another reaction could be the cooperation with Riyadh. Regardless, Democratic Senator Menendez, who also chairs the US Committee on Foreign Relations, is pushing hard: He will not give the green light to work with the Saudi government until the kingdom reconsiders its stance on the war in Ukraine . “Enough is enough.”
Menendez said he was shocked by the attacks on civilian infrastructure in Ukraine. “Either you support the rest of the free world trying to stop a war criminal from violently wiping an entire country off the map, or you support him,” the senator said, referring to Russian President Vladimir Putin. Saudi Arabia chose the latter “in a terrible decision driven by economic self-interest”.
Biden and the midterm tests
The US wants, among other things, to lower the oil price in order to deprive Russia of oil revenues because of the war against Ukraine. Western countries accuse Russia of using energy as a weapon and causing an energy crisis in Europe. Inflation, which is mainly driven by energy prices, is also causing domestic political problems in Biden as the Congressional midterm elections take place in November. This will decide whether the Biden administration will have to fight against a Republican majority in the US parliament or whether it can continue as before.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
