The U.S. Energy partnership with Iran, and Saudi Arabia.
Despite the current Administration’s distancing from talks with U.S. Oil Executives at the White House The U.S., oil partnership flourish abroad. Columbia; Iran and Saudi Arabia, Russia, and the Afghanistan Caspian Pipelines. U.S. history of wars in the Middle East over the region’s Oil is considered an American interest.
Meanwhile; Saudi Arabia’s drop in crude oil prices also comes despite Saudi Arabia’s pledge to voluntarily cut another 1 million barrels per day from its current oil production quota, a move designed in part to punish oil speculators.
Reports surfaced on Middle East Eye saying that two unnamed sources claimed that Iran and the United States were coming close to reaching a temporary deal that would reduce or lift at least some of the sanctions against Iran in exchange for Iran curtailing its uranium enrichment program.
Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post.
“Pentagon Papers Show Saudi Arabia, U.S. Traded Threats Over Oil.”
U.S., Saudi Arabia calamity over Oil production.
By Julianne Geiger – Jun 09, 2023, 1:00 PM CDT
Relations between U.S. President Biden and Saudi Arabia’s bin Salman have been sour since before President Biden took office, with the latter threatening to make bin Salman a pariah. But newly leaked Pentagon documents suggested that Saudi Arabia’s decision to cut production last October started a whole level of chill for the duo’s relationship.
Saudi Arabia Oil Markets.
“Saudi Arabia’s attempt to shock oil markets and push prices higher appears to have backfired, with prices falling and Saudi Arabia’s market share in Asia now under threat.”
EIA Boosts U.S. Oil Production Forecast For 2023
https://oilprice.com/Energy/Energy-General/EIA-Boosts-US-Oil-Production-Forecast-For-2023.html
Oil Prices Perk Up As U.S. Says No Deal With Iran Over Oil
By Julianne Geiger – Jun 08, 2023, 1:48 PM CDT
The White House has refuted claims that the United States was close to a deal with Iran over its nuclear program that would entail lifting sanctions on Iran’s oil exports.
“Despite the assurances from the White House that Iran’s oil exports will continue under current sanctions for the foreseeable future, Iran oil prices were still trading down, although earlier losses were significantly larger. At 2:26 p.m., WTI was trading at $71.29 per barrel-down $1.24 (-1.71%) on the day. Brent crude was trading at $75.92 per barrel, or down $1.03 (-1.34%) on the day.”
The drop in crude oil prices also comes despite Saudi Arabia’s pledge to voluntarily cut another 1 million barrels per day from its current oil production quota, a move designed in part to punish oil speculators.
Reports surfaced earlier in the day on Middle East Eye saying that two unnamed sources claimed that Iran and the United States were coming close to reaching a temporary deal that would reduce or lift at least some of the sanctions against Iran in exchange for Iran curtailing its uranium enrichment program.
https://www.washingtonpost.com/wp-srv/inatl/europe/pipeline100598.htm
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