Oil Politics Are Entering a New Phase as the U.S.-Saudi Relationship Descends

U.S.-Saudi relations seem to be in a race to the bottom. Both countries are now directly involved in each other’s domestic politics, which has not been the case in most of the 80-year bilateral relationship. 

On Oct. 5, OPEC announced it would cut group oil production by two million barrels per day. The announcement was led by Saudi Arabia, but included informal OPEC+ members at the table, most notably Russia.  Last week, the Biden administration accused the Saudi government of aligning with Russia. The fallout continues to roil global energy politics and markets.