(Photo Credit: Reuters/Louiza Vradi)
The President of the United Arab Emirates, Sheikh Mohamed bin Zayed al-Nahyan, will visit Russia on 11 October to discuss a series of national and international topics with his Russian counterpart Vladimir Putin.
The bilateral talks were announced by the Russian Presidential Spokesman Dimitry Peskov on 10 October.
The visit comes less than a week after OPEC+ member and nonmember states decided to cut oil production output by 2 million barrels per day, defying the hopes and expectations of the Biden administration to curb rising energy prices.
White House Press Secretary Karine Jean-Pierre accused OPEC+ on 5 October of “aligning with Russia,” and claimed their decision “is shortsighted while the global economy is dealing with the continued negative impact of [Russia’s] invasion of Ukraine,” in reference to the crisis caused by western sanctions imposed on Russia’s energy sector and attacks on Russian energy infrastructure.
Jean-Pierre added that President Joe Biden is consulting with congress “on additional tools and authorities to reduce OPEC’s control over energy prices.”
In May of this year, the US Senate approved the No Oil Producing and Exporting Cartels (NOPEC) Act, which could open OPEC member states and their partners to antitrust lawsuits for “orchestrating supply cuts that raise global crude prices.”
The bipartisan legislation would modify US antitrust law to revoke the sovereign immunity that protects sovereign states from lawsuits. This, in turn, would give the US attorney general the ability to sue OPEC+ members like Saudi Arabia, the UAE, or Russia in federal court.
According to the New York Times, analysts have argued that Saudi Arabia is determined to bring the price back above the $90 benchmark.
However, the chief of Saudi Aramco’s operations, Amin Nasser, said that the move to lower output was a decision made based on the international energy markets and fears over a looming recession.
“Even if we decide we are going to increase investment, it is going to be difficult; it will take a number of years,” Nasser said as he warned that the world could experience a serious supply crisis in the energy sectors.