News Analysis
Crude futures slumped by as much as 5 percent on July 14 in hopes that U.S. President Joe Biden could encourage Saudi Arabia to produce more oil.
Biden will meet with Saudi leaders, including Mohammed bin Salman Al Saud. He wrote in a recent op-ed in The Washington Post that his much-anticipated visit will cover a broad array of subjects, including security in the region, energy, and an effort to “reorient—but not rupture—relations.” But the president stopped short of saying if he would address the murder of journalist Jamal Khashoggi at the Saudi Embassy in Turkey.
While industry observers noted that Riyadh doesn’t possess the additional capacity to expand output, the president might convince the kingdom to inject enough crude into the global markets to help ease the global imbalance….


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