Posted 1/30/2024, 2:26:00 PM
Biden Faces Election Headwinds as Saudis Rethink Oil Strategy
- Saudi Arabia has abandoned plans to increase oil production capacity by 1 million barrels per day to 13 million by 2027
- This raises questions about future global oil demand growth as peak oil demand may come before 2030
- The move could support flagging oil prices, a blow to Biden ahead of US elections
- Saudi and OPEC allies already holding back over 1 million barrels per day to prop up prices
- Decision suggests OPEC+ recognizing it has a problem and rethinking strategy with wide implications