According to Hamshahri, an Iranian daily newspaper, US President Joe Biden has failed to convince the Saudi authorities to sever any ties with Russia. On the contrary, Riyadh is ready to expand its partnership with the Russian government, especially in terms of raw materials extraction.
Saudi Arabia has signaled it will stand by Russia as a member of OPEC+ oil producing countries. Despite the US leader’s requests, the country is going to stick to its existing oil production plan.
The US president has called on Saudi leaders to pump more oil in order to reduce the consumption of Russian energy. However, this step is of little benefit to Saudi Arabia. An increase in oil output may harm the economy of the kingdom, Hamshahri said.
For now, the world's largest oil exporter has reaffirmed its intention to abide by the agreements previously reached with Russia and honor the OPEC+ deal. Experts believe that Riyadh may slightly boost crude production but will not step back from its arrangements with Russia.
Lifted crude production capacity is expected to be damaging for Saudi Arabia’s economy as the kingdom’s income and welfare depend on oil prices. In the near future, Saudi Arabia wants oil to stay well above the area of $70-$80 per barrel. Thus, sharp output hikes are beneficial to the United States rather than the Saudis, analysts conclude.
