Some observers expressed hope that a trip by President Biden to Saudi Arabia could spark more production and bring prices down. In reality, there is no quick fix to the current oil problem and while new Saudi supply could halt a further spike in prices, they are set to remain elevated. There is plenty of resistance domestically to any thawing of relations with Saudi Arabia due to the murder of Khashoggi, making any trip a tough political decision. When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of “thawing” relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden […]