“There will be consequences”.
It was the warning a fuming Joe Biden hurled at Saudi Arabia during a CNN interview in the autumn of 2022, a week after the kingdom announced deep cuts to its oil production.
The US president feared the move risked pushing up crude prices amid the turmoil triggered by Russia’s war in Ukraine. American officials, blindsided by the Saudi decision, considered it a slap in the face to an administration concerned about domestic gasoline prices in the run-up to midterm elections.
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