Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation.
Former Arkansas Gov. Asa Hutchinson Announces 2024 Presidential Bid, Says Trump Should Drop Out of Race
Analysts Giacomo Romeo and Lloyd Byrne at Jefferies said in a research note that the new cuts should allow for “material” reductions to OPEC inventory earlier than expected and could validate recent warnings from some traders and analysts that demand for oil is weakening. “This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future, even without taking into account the Russian dimension,” he said.
The decades-long U.S.-Saudi alliance has come under growing strain in recent years following the 2018 killing of Saudi dissident Jamal Khashoggi, a U.S.-based journalist, and Saudi Arabia's disastrous war with the Iran-backed Houthi rebels in Yemen.
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