Saudis, U.A.E. Snub Biden on Ukraine Talks, Engage with Putin Instead

[Ontario]

But both Prince Mohammed and Sheikh Mohammed took phone calls from Russian President Vladimir Putin after ignoring Biden, the Wall Street Journal reported.
The Persian Gulf monarchies have signaled “they won’t help ease surging oil prices unless Washington supports them in Yemen, elsewhere.”

“There was some expectation of a phone call, but it didn’t happen,” said one U.S. official of a planned discussion between Biden and the Saudi Crown Prince Mohammed bin Salman.

We are living through a tightening of the oil market beyond anything we’ve ever experienced. That inflation-driven recession I’ve been talking about, which already included an energy crisis in Europe that was seeping over to the US in prices is now suddenly coupled with an all-out oil embargo that humbles the old OPEC embargo we had in the seventies. So, all ingredients for the seventies recession I have said we were entering are now abundantly present, and we’re going beyond that.

However, this global embargo is happening right at a time when we were also already about to see the collapse of the Everything Bubble because the Fed and other central banks were entering a time of their fastest, greatest moves from easing to tightening ever seen. Now we have to factor in how all of these sanctions — not just oil but the Everything Sanctions — combine to make the economic collapse I have been predicting even worse. I’ll be exploring that in my next Patron Post and other articles to come, but I want to deal with the changes in the oil market here as a standalone subject because this is something really clearcut where the US could do a lot to ease the world’s (and our own) pain from these oil sanctions.

All of the above, at a time of greater oil consumption globally than ever before, should clearly indicate crude has a lot more parabolic price action to come. We now see people writing about $150-per-barrel oil and even $200-per-barrel oil, and I don’t think those bets take us as high as this is likely to go if Putin’s War drains on. That’s because the price pain is going to be intensified by President Biden’s flat-out refusal to make any move at opening up more US supply, which could have softened the blow because our potential supply is massive, and a fair amount of it is ready to move in fairly short order.

[Niemand]

If millions of Americans think he is a joke, why would foreign leaders take him seriously.