America’s relationship with Saudi Arabia has hit a new low.
Following its ban on imports of Russian oil — part of a sweeping set of economic sanctions imposed on Russia in response to its invasion of Ukraine — the United States hopes that Saudi Arabia and the United Arab Emirates will boost production to rein in skyrocketing prices. But Saudi and Emirati leaders have reportedly been declining U.S. President Joe Biden’s calls.
Biden is also looking elsewhere. A U.S. delegation reportedly visited Venezuela — with which the U.S. severed diplomatic relations in 2019 — to discuss the possibility of lifting oil sanctions on the country. But neither Venezuela nor Iran could realistically make up for the loss of around 2.5 million barrels per day of Russian crude. Both countries’ rundown oil fields and national oil companies would need to be revitalized before production could be increased — a process that would take many months, if not years.
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