OPEC won’t back West on Ukraine, hostile to Biden – Pearls and Irritations

Mohammed bin Salman and Vladimir Putin shaking hands

There will be myriad effects from the decision last week by the OPEC+ oil producers – led by Saudi Arabia and Russia – to cut production and increase the price of oil.

None of them are good. The energy supply and price squeeze in a Europe already bracing for brutal days and nights as winter approaches will be tightened. Inflation gets a boost – and the central banks will keep raising interest rates. Russia will reap revenues to ease the vice of Western sanctions imposed to punish Putin and his regime for the war in Ukraine. Saudi Arabia and the other OPEC partners will enjoy more money from petrol tanks flowing into their banks.

The OPEC+ decision also signals a deeper entente between Russia and Saudi Arabia: calculated strategic scheming by Vladimir Putin and Mohammed bin Salman, Saudi Arabia’s crown prince and the effective leader of the country.

Source: OPEC won’t back West on Ukraine, hostile to Biden – Pearls and Irritations