Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip so as to rein in spiraling oil prices. However, Saudi Arabia and its allies responded by doing the exact opposite, cutting production when oil prices started plummeting.
Predictably, the United States and Europe were irked by the cartel’s defiance, with President Joe Biden’s administration accusing Saudi Arabia of colluding with Russia and supporting…U.S. Shale Challenges OPEC With Record Production In 2023
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