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10 Mar 2022 By Lauren Silva Laughlin, George Hay Follow @TheRealLSL

America cannot plug the shortfall from cutting off Russian oil. Increased output from OPEC, and particularly Saudi Arabia, is key. De facto leader Mohammed bin Salman isn’t eager to help the U.S. president, but needs the endorsement of Western cash to transform the economy.

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The White House has tried unsuccessfully to set up phone calls between U.S. President Joe Biden and Mohammed bin Salman, Saudi Arabia’s de facto leader, the Wall Street Journal reported on March 8. The crown prince did speak to Russian President Vladimir Putin, the WSJ reported.

The United Arab Emirates will not act on its own to raise oil output, a UAE source familiar with the matter told Reuters on March 10.

The UAE’s ambassador to Washington, Yousef Al Otaiba, had said in a statement the embassy posted on Twitter on March 9 that Abu Dhabi favoured an increase in oil production and would encourage the Organization of the Petroleum Exporting Countries to consider higher output. But in a later statement, Energy Minister Suhail al-Mazrouei said the country believed in the value OPEC+, which includes other producers like Russia, brought to the market.

Global oil prices fell 13% on March 9 after Al Otaiba’s comments. As of 0915 GMT on March 10, Brent crude oil was trading at $116 a barrel, up 4%.

Context News

The United Arab Emirates will not act on its own to raise oil output, a UAE source familiar with the matter told Reuters on March 10.

Global oil prices fell 13% on March 9 after Al Otaiba’s comments. As of 0915 GMT on March 10, Brent crude oil was trading at $116 a barrel, up 4%.

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