Headline – “Biden fails to secure major security, oil commitments at Arab summit”

US President Biden travelled to the Middle East to plead for higher oil output. I’ve seen plenty of “No, actually he went for …” . Sure, he had meetings on other issues, but for Biden, oil is the big concern right now. US mid-term elections are right around the corner and angry motorists will need to be placated.

The main financial media outlets are noting an increase in output is not imminent, any decision will have to wait, at least, until the next oil cartel (OPEC+) meeting).

Reuters summarise Biden’s trip with the headline “Biden fails to secure major security, oil commitments at Arab summit”. In brief:

Biden came to Saudi Arabia hoping to reach a deal on oil production to help drive down gasoline prices

He leaves the region empty-handed but hoping the OPEC+ group …

“I look forward to seeing what’s coming in the coming months”

Bloomberg:

Saudi officials stressed any decision to pump more would be made in the framework of OPEC+

“We listen to our partners and friends from all over the world especially consumer countries,” Foreign Minister Prince Faisal bin Farhan told reporters. “But at the end of the day, OPEC+ follows the market situation and will supply energy as needed.”

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As it stands then, we await August 3 (the next OPEC+ meeting) to see if perhaps the trip has paid dividends in terms of higher oil output.

Oh, yeah. The fist bump. Seems to be the main headline item.

Keep your eye on oil though, folks. We’ll be on deck for Sunday evening, US time, Monday morning in Asia for oil futures to reopen, 6pm NY time.