Saudis use Biden energy restrictions to maximize their income

 Reuters:

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.
...

Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook.

Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

"The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene," he said.

The WSJ said talk of a production increase has emerged after U.S. President Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.

The immunity decision amounted to a concession to Prince Mohammed, bolstering his standing as the kingdom's de facto ruler after the Biden administration tried for months to isolate him, the newspaper said.
...

The idiocy of the Biden energy policy is his insistence on trying to increase foreign production while he is blocking the expansion of domestic production.  It is a policy that makes zero sense.  If he is worried about pollution he would be reducing imports which expend great quantities of energy getting the loaded ships to the US in the first place.  US producers are also much more productive.

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