Reuters was first to report a number of energy policy discussions around U.S. President Joe Biden’s first visit to the Middle East. Ahead of the trip, Reuters reported that several Arab countries would have reservations about U.S. and Israeli efforts to lay the groundwork for a security alliance to counter Iran. Biden’s summit with Arab leaders ended with no public support for those endeavors.
Reuters was first to report that Saudi Arabia and the UAE had no plans to abandon their partnership with Russia as part of the OPEC+ group, so they would not increase supplies beyond agreed volumes. Reuters was also first to report that French President Emmanuel Macron told Biden he had been told by the UAE that Gulf oil producers including Saudi Arabia would struggle to immediately increase oil output as they have nearly run out of spare capacity. Reuters exclusively revealed that Saudi Arabia has seen its oil output potential falling below 12 million barrels per day due to low investments in recent years. All three developments have given support to oil prices, which have been trading above $100 per barrel despite a decline in stocks and other asset classes due to the slowing global economy.