Saudi Arabia Wanted Oil Production Cuts That Even Surprised Russia

Mohammad bin Salman and Vladimir Putin. AP Photo/Natacha Pisarenko  

The Intercept: Saudis Sought Oil Production Cut So Deep It Surprised Even Russia  

OPEC+ slashed oil production following a Saudi pressure campaign that experts say aims to hurt Democrats in the midterms. 

The Saudi-led oil cartel OPEC+’s announcement earlier this month that it was cutting 2 million barrels of oil per day — a move that would drive up the price of oil just a month before midterm elections — rankled Democrats in Washington. They accused Riyadh of aligning itself with Russia, another powerful member of OPEC+, which would indeed profit off the move. “What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” said Senate Majority Leader Chuck Schumer. 

But Saudi Arabia actually pushed to cut oil production twice as much as Russian President Vladimir Putin, surprising the Russians, two Saudi sources with knowledge of the negotiations told The Intercept, suggesting that Riyadh’s motives run deeper than what top Democrats want to admit. The sources requested anonymity, fearing reprisal by the Saudi government.  

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WNU Editor: I agree with the above analysis that the Saudis want to hurt the Democrats in the midterms, and it looks like they will succeed. 

Here is a prediction. If the US Democrats lose control of the Senate and House, they will blame the Saudis. 

On a side note. Expect even higher gas prices next month .... Oil Will Surge By More Than $30/bbl To "Well Over $100" After The Midterms (Zero Hedge).