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Tags: saudi arabia | biden | oil | opec

Biden Admin Looking to Discourage American Business in Saudi Arabia

By    |   Tuesday, 18 October 2022 04:02 PM EDT

U.S. officials are reportedly looking for ways to discourage American companies from expanding their businesses in Saudi Arabia in response to the country cutting oil production.

Saudi Arabia recently led other oil-producing countries in OPEC to announce plans to cut oil production by 2 million barrels per day, which could cause rising gas prices.

President Joe Biden said earlier this month that the country would face "consequences for what they've done with Russia," in reference to how rising oil prices worldwide could help Russia, which is one of the largest exporters of oil in the world.

"The Biden administration seems to be scrambling a bit to find practical measures that could back up the rhetoric from President Biden that there will be consequences," noted Brian Katulis of the Middle East Institute.

"One arena where Saudi leaders are very interested in building stronger ties with the United States is in the economic realm, and in particular private-sector engagement," he added. "Saudi leaders are keen to have American businesses and investors come to their country and make big investments to help them advance the goal of diversifying its economy."

Three current and former U.S. officials told NBC News that the Biden administration is currently looking for ways to discourage further expansion into Saudi Arabia by American businesses, though no decisions have been made on a strategy.

"We are not reaching out to companies to make such requests," Adrienne Watson, spokesperson for the White House National Security Council, said in a statement. "As they do in every part of the world, American companies will make their own decisions about their presence and where to invest, taking into account a range of factors, including legal constraints, the business environment and reputational concerns that can arise from public policy choices made by host countries."

Theodore Bunker

Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.

© 2024 Newsmax. All rights reserved.


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U.S. officials are reportedly looking for ways to discourage American companies from expanding their businesses in Saudi Arabia in response to the country cutting oil production.
saudi arabia, biden, oil, opec
299
2022-02-18
Tuesday, 18 October 2022 04:02 PM
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