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Arabian Oil — Biden Begs For Barrels, Earns A Dribble

By Andrew Moran

President Joe Biden brought a jerrican to Riyadh when he met with Crown Prince Mohammed bin Salman Al Saud, colloquially known as MBS. After fist-bumping the royal leader in a moment seen around the world, Biden failed to secure significant commitments for Saudi Arabian oil. But the White House is optimistic that the Saudis will persuade the Organization of Petroleum Exporting Countries (OPEC) and its allies, OPEC+, to increase production efforts to stabilize global energy markets. Investors are doubtful this will occur as crude futures rallied past $100 a barrel again on the July 18 trading session, even with recession fears decimating the commodities arena this month…

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