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Joe Biden’s Groveling Backfires As Price Of Oil Rises After He Fails To Secure Saudi Arabia Output Increase

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President Joe Biden’s recent trip to hang out with the ‘pariahs’ in Saudi Arabia backfired as the price of oil increased not decreased since the grovel heard round the world. The guy cannot do anything right. 

According to The New York Post: “The price of oil surged to more than $100 a barrel on Monday after President Joe Biden left Saudi Arabia over the weekend without winning a commitment from the kingdom to boost output.

“Brent crude, the international benchmark, rose by nearly 2.5% to around $103.50 in the early morning hours of Monday while West Texas Intermediate, the US benchmark, also spiked nearly 2% to more than $99 a barrel.

“The prices shot up on Monday following comments by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who said that the topic of OPEC+ boosting oil supply wasn’t even raised during a summit meeting between Biden and other Arab leaders.”

According to Oilprice:

“Two years ago, President Biden described Saudi Arabia as a “pariah” state and criticized it for its track record of abuses of human rights.

“During meetings in Saudi Arabia and on the sidelines of an Arab summit in Jeddah over the past week, President Biden failed to secure firm pledges from the Saudis, Iraq, or the UAE—the largest producers in OPEC—for an imminent supply increase.

“Instead, the White House issued vague statements about market stability.

“At the end of the summit of the United States and the Gulf Cooperation Council (GCC) countries. te White House said,

“The leaders recognized ongoing efforts of OPEC+ towards stabilizing the global oil market in the interests of consumers, producers, and supporting economic growth.

“They welcomed the recent announcement by OPEC+ members to increase supply over the course of July and August, and commended the Kingdom of Saudi Arabia’s leading role in achieving consensus between the members of OPEC+.”

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