Saudi Arabia and the OPEC+ group have announced a cut in oil production of approximately 1.6 million barrels per day.
The move is aimed at achieving market stability and is lower than the expected reduction of 2 million barrels per day.
Saudi Arabia is attempting to adopt an economic strategy that is independent of the United States.
Other countries have also announced production cuts, including the United Arab Emirates, Kuwait, Oman, Algeria, and Kazakhstan.
The decision to adopt an economic strategy independent of the United States is due to declining relations between Riyadh and Washington during the Biden administration.
Saudi Arabia has recently been granted the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), a China-led Asian security and economic bloc.
The kingdom has announced a $3.6 billion deal to buy 10% of China’s Rongsheng Petrochemical.
The decision by Saudi Arabia to adopt an economic strategy independent of the United States could have significant implications for the U.S. and its relationship with the Middle East.
As the U.S.’ rivalry with China and Russia intensifies in an increasingly polarized world, Saudi Arabia and other Middle Eastern nations are choosing to diversify their global partnerships.
Saudi Arabia is strengthening its relationships with not only the US but also China, India, the UK, France, and others.