How Saudi Arabia and Russia are sabotaging Biden’s re election with oil cuts

The US is facing a double challenge from its former allies in the oil market: Saudi Arabia and Russia. The two countries have formed a formidable alliance that has the power to influence global oil prices and affect the US economy and politics. Saudi Arabia and Russia are the leaders of OPEC , a group of 23 oil-producing nations that control about half of the world’s crude output. Since 2016, they have cooperated to manage the oil market by adjusting their production levels according to demand and supply conditions. However, their cooperation has not always been in line with the interests of the US, which is the world’s largest oil consumer and producer. In 2020, when the Covid-19 pandemic caused a collapse in oil demand, Saudi Arabia and Russia engaged in a price war that sent oil prices plunging below zero for the first time in history. The US intervened to broker a truce and persuade them to cut their output by a record 9.7 million barrels per day. In 2022, when oil demand recovered and prices soared above