Biden administration officials are considering trying to discourage American companies from expanding business ties with Saudi Arabia in response to recent Saudi-led push to cut global oil production, current and former U.S. officials say.
at next week’s Future Investment Initiative conference, which has drawn business executives, investors and government officials. The event has been a platform for the crown prince, also known as MBS, to showcase business opportunities in the kingdom.
The Biden administration had already downgraded U.S. participation in the conference from the Trump administration’s level of engagement. The Trump administration sent the treasury secretary to the conference, whereas last yearsent Deputy Commerce Secretary Don Graves. The Commerce Department confirmed he will not attend this year.
“We are not reaching out to companies to make such requests,” Watson said in a statement. “As they do in every part of the world, American companies will make their own decisions about their presence and where to invest, taking into account a range of factors, including legal constraints, the business environment and reputational concerns that can arise from public policy choices made by host countries.
“That’s going to be a key test, that OPEC meeting,” the senior administration official said. “E.U. sanctions will be going into effect, and a couple million barrels [of Russian oil] will be gone. Does OPEC do nothing then?”Biden is under pressure from Congress to take dramatic steps, such as cutting off arms sales to the kingdom, and White House officials are furious with Riyadh that after heavy U.S. lobbying not to cut oil production, OPEC+ moved forward with an even larger cut than expected.
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