Saudi Arabia recently led a group of oil-producing nations to agree on a coordinated cut in oil output, totaling more than 1 million barrels a day.
The move caught most observers off guard and prompted a quick dismissal from President Joe Biden, who said "It's not going to be as bad as you think."
Some analysts speculate that the production cut was a slap at the Biden administration, while others suggest it was a move of self-interest by Saudi Arabia.
As a candidate for president in 2020, Biden vowed to hold Saudi Arabia accountable for the death of journalist Jamal Khashoggi, but in the summer of 2022, he traveled to Jeddah and "fist-bumped" the Saudi leader.
The recent decision by the Biden administration to forgo refilling the Strategic Petroleum Reserve as oil prices fell may have played into the Saudi calculation.
The price of oil trended below the $80 a barrel mark, causing Saudi revenues to take a beating.
As one of the largest, low-cost producers of oil, Saudi Arabia exerts enormous control over the global price of oil.
The recent banking crisis in the U.S. and enhanced fears of a recession that could slow global growth no doubt added to concerns in Jeddah
Some analysts suggest that the move was also a nod to China, which is a major buyer of Saudi oil.
Overall, the move was likely a strategic one made by Saudi Arabia to protect its own interests in the global oil market.