President Biden (left) with Crown Prince Mohammed bin Salman on his trip to Saudi Arabia
Letter from the Middle East: Opec balances Russia and the West
The cartel is happy to wait for further developments before committing to more drastic action
US president Joe Biden seems to have come away from his first diplomatic visit to Saudi Arabia in July empty-handed, with the Opec+ alliance in early August swiftly deciding on only a small rise in output targets from September. But the current US administration should not have expected anything different. The announced production increase by Opec+ of 100,000bl/d is so small it seems cosmetic at best and insulting at worst. And the situation is exacerbated by the fact that supply constraints mean the actual physical increment will be more like 50,000-60,000bl/d—even assuming Saudi Arabia, the UAE and Iraq make full use of their extra allowances. In contrast, a briefing by the US’s Middle Eas
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
