After Biden’s trip to Saudi Arabia, the mainstream media is desperately trying to spin the news to make it appear that there was a massive success in negotiations. But in reality, the Saudis mocked the 76-year-old Biden, insulted him and sent him home empty-handed.
The Biden administration was delighted that after he went to Saudi Arabia, the Arabs promised to increase oil production by as much as 50%. If that were true, it would be a huge win for Biden, who has been having a hard time. The Saudis would dump so much oil on the market that prices would drop from the sky.
But there’s one small problem. The truth is that not all of Arabia’s oil production will go up by 50%, but the production increase that is planned for the summer will. It’s hard to understand, but I’ll explain.
As part of the OPEC + agreement, the Saudis already planned to increase production in June and August by 171,000 barrels per day. That is, now they will increase production not by 171, but by 171+85 (+50%) thousand barrels. These 85,000 additional barrels are all that Biden managed to negotiate.
Is 85,000 barrels a lot in the grand scheme of things? Considering that the Gulf states produce approximately 12 million barrels per day, 85,000 barrels is an increase of much less than 1%. And that’s just counting the barrels produced by the Gulf states.
In total, the world produces about 100 million barrels of oil every day. Even if the Saudis throw another 85,000 barrels on the market, these “Biden barrels” will represent less than 0.1% of the market. It’s like pouring a bucket of water into an Olympic swimming pool. Technically, there is an increase. But in reality, this increase will not be felt by the world in any significant way. The pain we are all experiencing at the pump will not end. Skyrocketing prices will not be bought back to earth.
The United States alone is extracting an additional 1 million barrels from strategic storage facilities every day. Every day! But even this measure has not brought down the price of oil and fuel within the United States.
What will a paltry 85,000 thousand barrels achieve? This is pure mockery from the Saudis. The fact the US mainstream media is trumpeting a Biden victory is laughable.
Why did the Saudis receive Joe Biden so badly? Three years ago Joe Biden vowed to make Saudi Arabia a “global pariah” over the assassination of dissident journalist Jamal Khashoggi. But it goes deeper than that.
Suffice it to recall that Trump was received like a king. He was given a whole hotel (not a floor in a hotel, like Biden). Honors were given.
Putin was welcomed as a kind of deity. He was given the entire royal palace. Putin’s motorcade was escorted by elite cavalrymen on elite horses, the motorcade’s escort vehicles consisted entirely of Ferraris with Russian identification marks. Putin and the crown prince not only bumped their fists, as they did with Biden, but embraced like brothers. Putin’s visit to Saudi Arabia was celebrated as a national holiday.
Biden is a weak leader and a weak man. Foreign nations don’t respect him — and why should they? Biden’s fellow Democrats do not respect him. His own family mock him behind his back.
It’s not just the Saudis.