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08.07.202112:25 Forex Analysis & Reviews: Biden tries to restore relations between UAE and Saudi Arabia

Exchange Rates 08.07.2021 analysis

White House Press Secretary Jen Psaki disclosed on Wednesday that US President Joe Biden tried to reconcile Saudi Arabia and the United Arab Emirates over the phone. She said the White House and the Biden administration have never been involved in such situations, but this weekend they held a series of conversations with the two countries. Obviously, US is hoping that the talks will lead to a consensus that will resolve the issue between the two.

In addition to that, Pentagon spokesman John Kirby said Saudi Arabia Deputy Defense Minister Prince Khalid bin Salman met with senior US Defense officials on Tuesday, but the details of the talks are yet to be revealed. And today, Khalid bin Salman will attend meetings at the State Department.

Psaki also said President Biden wants Americans to have access to reliable energy and gas stations, hence, the Biden team constantly monitors gas prices, not to mention communicates directly with OPEC to set a deal in oil production.

The conflict between UAE and Saudi Arabia sparked strong price fluctuations in the oil market.

Exchange Rates 08.07.2021 analysis

The deadlock in the negotiations increases the likelihood that countries will abandon their quotas and increase production on their own without a contract. Perhaps, this scenario is already happening, which is very frightening because the existing OPEC production restrictions should remain in place for now, otherwise, the oil market could suffer a downturn again.

*Prezentowana analiza rynku ma charakter informacyjny i nie jest przewodnikiem po transakcji.

Andrey Shevchenko,
Ekspert analityczny InstaForex
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