US-Saudi Oil Pact Breaking Down as Russia Grabs Upper Hand An empowered OPEC+ led by Saudi Arabia and Moscow is calling the shots on oil prices, boosting inflation and raising recession risks. Just three years ago, when OPEC+ oil giants fell out, the US found itself playing the role of peacemaker. Now it looks more like their target. The Saudi-Russia oil alliance has the potential to cause all kinds of trouble for the US economy — and even for President Joe Biden’s re-election campaign. This month’s OPEC+ decision to cut crude output, for the second time since Biden flew to Saudi Arabia last summer seeking an increase, may be just the start.
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