# Why Did Saudi Arabia Defy Biden to Keep Oil Prices High - Bloomberg

> The US has accused Saudi Arabia of siding with Russia after OPEC+, which Riyadh leads, cut crude output in a decision that keeps oil prices high. Saudi Arabia says the move was about market balance rather than politics.

- Date: 2022-10-08 · published 2022-10-08T12:00:00.000Z
- Category: geopolitics · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/39060-why-did-saudi-arabia-defy-biden-to-keep-oil-prices-high-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tensions between Washington and Riyadh raise the risk of further supply-policy disputes, which can add to crude price volatility. Higher crude feeds through to diesel and fertilizer costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-05-11 | [Saudi Arabia deepens oil cuts as weak demand weighs on prices](https://feedsoft.ai/events/53030-saudi-arabia-deepens-oil-cuts-as-weak-demand-weighs-on-prices.md) | +19.0% | +54.4% |
| WTI | 2019-09-15 | [Crude Oil Prices Surge Most Ever After Attack Cuts Saudi Supplies - Bloomberg](https://feedsoft.ai/events/6927-crude-oil-prices-surge-most-ever-after-attack-cuts-saudi-supplies-bloomberg.md) | +5.8% | -0.1% |
| WTI | 2026-03-02 | [Dollar (USD) Gains as Higher Oil Prices Damp Bets on Fed Rate Cuts - Bloomberg](https://feedsoft.ai/events/10711-dollar-usd-gains-as-higher-oil-prices-damp-bets-on-fed-rate-cuts-bloomberg.md) | +35.6% | +50.4% |
| WTI | 2026-03-02 | [Oil Prices Surge as Hormuz Disruptions Threaten Global Supply, Analysts Warn - Bloomberg](https://feedsoft.ai/events/8003-oil-prices-surge-as-hormuz-disruptions-threaten-global-supply-analysts-warn.md) | +35.6% | +50.4% |
| WTI | 2022-03-01 | [Traders Pay Most in Years to Bet Oil Prices Will Rise Even More - Bloomberg](https://feedsoft.ai/events/12841-traders-pay-most-in-years-to-bet-oil-prices-will-rise-even-more-bloomberg.md) | +24.3% | +11.5% |
| BRENT | 2020-05-11 | [Saudi Arabia deepens oil cuts as weak demand weighs on prices](https://feedsoft.ai/events/53030-saudi-arabia-deepens-oil-cuts-as-weak-demand-weighs-on-prices.md) | +15.8% | +46.8% |
| BRENT | 2019-09-15 | [Crude Oil Prices Surge Most Ever After Attack Cuts Saudi Supplies - Bloomberg](https://feedsoft.ai/events/6927-crude-oil-prices-surge-most-ever-after-attack-cuts-saudi-supplies-bloomberg.md) | +6.6% | -0.3% |
| BRENT | 2026-03-02 | [Dollar (USD) Gains as Higher Oil Prices Damp Bets on Fed Rate Cuts - Bloomberg](https://feedsoft.ai/events/10711-dollar-usd-gains-as-higher-oil-prices-damp-bets-on-fed-rate-cuts-bloomberg.md) | +31.0% | +62.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-10-08/why-did-saudi-arabia-defy-biden-to-keep-oil-prices-high

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.