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President Biden (left) with Crown Prince Mohammed bin Salman on his trip to Saudi Arabia
Opinion
Opec Russia Saudi Arabia UAE US
Robin M Mills
Dubai
9 August 2022
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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

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Also in this section
Russian firms exit Europe’s shrinking refining sector
2 February 2023
Hampered by sanctions and ill will, Russian majors are departing Europe, but refiners’ focus was already moving east
Mideast upstream long-term outlooks diverge
2 February 2023
The region’s producers have their own specific goals and face drastically different challenges
Letter from Canada: LNG export industry in disarray
Opinion
1 February 2023
Canada at one stage looked set to be a major LNG exporter, but all except four liquefaction projects have fallen by the wayside
Bakken faces inventory concerns
1 February 2023
The North Dakota shale basin nears a looming acreage problem

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