On Wednesday, members of the Organization of Petroleum Exporting Countries (OPEC) made the decision with other oil producers (OPEC+) to slash production by 2 million barrels a day. The move—seen as led by Saudi Arabia and Russia—immediately sent oil prices higher, defies entreaties by the Biden administration for production increases to ease inflation and stabilize the global economy, and could provide a vital cash lifeline to Vladimir Putin’s war efforts in Ukraine.
Watch JINSA’s discussion on the factors that contributed to this move, what it signals about Saudi relations with the United States, Russia, and other world actors, why the Biden administration was unable to prevent the production cut, and what the United States should do next.
The Jewish Institute for National Security of America (JINSA) is dedicated to educating Congressional, military and civilian national security decision-makers on American defense and strategic interests, primarily in the Middle East, the cornerstone of which is a robust U.S.-Israeli security cooperation. JINSA believes that a strong American military and national security posture is the best guarantor of peace and the survival of our values and civilization.