OPEC's production cut was a personal loss to Biden. He had placed a lot of political capital on his earlier outreach to Saudi Arabia.
The Biden Administration has directed its ire at the Middle East. Faced with sky-high energy prices and looming midterm elections, President Biden turned to oil giants like Saudi Arabia and the UAE to secure low prices for oil. However, Riyadh and Abu Dhabi have instead backed cuts in oil production, which will send prices upwards. Mint explains the latest drama from the Middle East.