Biden administration asked Saudi Arabia to postpone OPEC decision by a month, Saudis say

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DUBAI, United Arab Emirates — The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said in a statement.

The Saudis declined, and in early October OPEC+ — which includes non-OPEC oil exporters like Russia — announced its largest supply cut since 2020, to the tune of 2 million barrels per day starting from November. That means tighter supplies and higher prices at a time of already high inflation and worries of global recession, which angered U.S. lawmakers who are now calling for a “reevaluation” in relations with the Saudi kingdom.

Notably, Biden’s request would have delayed the decision until after the U.S. midterm elections.