Liam Denning, Columnist

There’s a $15 Solution to the US-Saudi Oil Feud

An oil price that Texas can rely on, Washington can stomach and Riyadh can live with is within reach.

November 17, 2022 at 10:30 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Fixing the break isn’t as hard as it seems.
Photographer: Bloomberg/Bloomberg

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The relationship between Washington and Riyadh has reached that stage where Saudi Arabian officials give TV interviews to say how good it is.

The current tiff has deep roots but the immediate problem concerns — what else? — oil, where the US and Saudi Arabia have been pulling in opposite directions. President Joe Biden has released about 165 million barrels from the Strategic Petroleum Reserve, or SPR, since March to moderate prices. Meanwhile, Saudi Arabia has sought to support prices by curbing supply, most dramatically with the two million barrel a day target cut announced by OPEC+ in early October, drawing fire from the White House and Congress.