BRICS In the New World Energy Order: Hedging in Oil Geopolitics

Iowa Climate Science Education

Reposted with permission from Forbes

Tilak Doshi
I analyze energy economics and related public policy issues.

President Biden?s visit to Saudi Arabia during his trip to the Middle East last week haslittle to show for it. Shortly after the Biden visit, the Kingdom made it clear thatit would not act unilaterallyoutside of the OPEC+ group which includes Russia and allied smaller producers. Saudi Arabia and its OPEC allies would continue to value the cohesion of the group, the views of Russia and the needs of global market stability in its production decisions.

Biden?s trip was cast by Republican leaders as ?begging for oil? from the Saudis amidst high gasoline prices, the worst inflation in four decades at home and abysmal popularity polls for the president. That this happened while his administration wages aregulatory waron its own homegrown world-leading oil and gas…

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