Browsing: Indian rupees

On March 8, Saudi and Emirati leaders snubbed US President Joe Biden over the Ukraine crisis.

Reports, according to the Wall Street Journal,  show that the White House unsuccessfully tried to build international support for Ukraine and contain a rise in oil prices. The Middle East and US officials quoted by the WSJ indicated that the calls were because of an increase in oil prices caused by Russia’s invasion of Ukraine. Saudi Arabia’s and the UAE’s authorities declined to speak with Biden.

Is the writing in the wall for the US now that it allies have become unresponsive in recent weeks?

In the first week of March, OPEC+, which includes Russia, refused to raise oil production.

OPEC+ consists of 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting countries. The OPEC+ entity aims to regulate oil supply to set the world market price.