Payback For OPEC+ Cuts? Biden May Press U.S. Companies To Limit Saudi Business, Report Says (archived)

The Biden administration wants to leverage U.S. companies with ties to Saudi Arabia but without sacrificing regional security efforts, according to the report.

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The Biden administration will immediately begin scaling back its diplomatic and military activities in Saudi Arabia, at least until OPEC+’s next meeting on December 4, NBC reports, citing an unnamed senior administration official who said the meeting will “be a key test” of how OPEC+ will respond to European Union sanctions that ban Russian oil imports, effective December 5.

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The OPEC+ conglomerate–a Saudi-led alliance of oil-producing countries, including Russia–plans to curb oil production by 2 million barrels a day beginning in November. The move, characterized by the Saudi government as an effort to stabilize energy markets, is expected to increase global oil prices and raise gas prices. The Biden administration has vowed “consequences” for Saudi Arabia over the announcement, and Democratic lawmakers have urged the president to halt arms sales to the kingdom, but the White House has yet to announce how, exactly, it will retaliate and is not expected to do so until Congress returns from recess after the November midterms.