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☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

Concluding his visit on Thursday, Secretary of State Blinken told reporters he raised human rights issues with Saudi officials and "made clear that progress on human rights strengthens our relationship." "Human rights are always on the agenda of the United States - that’s who we are," he said during a news conference. But some rights advocates argue the golf deal shows the administration has chosen geopolitics over human rights. New York-based Human Rights Watch (HRW) says scores of human rights activists and dissidents are in prison or on trial in Saudi Arabia and that the repression "spiked" following Biden's visit last year. The list included prominent cleric Salman al-Odah, children of former spy chief Saad al-Jabri, human rights defender Mohammed al-Qahtani and aid worker Abdulrahman al-Sadhan.

Persons: Saudi Crown Prince Mohammed bin Salman, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, LIV, Antony Blinken, Blinken, Biden, Seth Binder, Prince Faisal bin Farhan, Sarah Yager, Salman al, Saad al, Mohammed al, Abdulrahman, Saad Ibrahim Almadi, Tess McEnery, Humeyra Pamuk, Simon Lewis, Arshad Mohammed, Don Durfee, Daniel Wallis Organizations: Saudi Crown, Al, Saudi Royal Court, REUTERS, Saudi, Public Investment Fund, North, MbS, PGA, East Democracy, Biden, Rights Watch, Saudi Foreign, U.S, Twitter, Thomson Locations: Jeddah, Saudi Arabia, Bandar, REUTERS RIYADH, WASHINGTON, U.S, Riyadh, Washington, United States, Yemen, New York, China, Israel, OPEC, Russia, Florida

☆ Blinken heads to Saudi Arabia amid strained ties, Israel normalization in mind
▼ + stars: | 2023-06-06 | by ( Humeyra Pamuk | Thomson Reuters | Humeyra Pamuk Is A Senior Foreign Policy Correspondent Based In Washington Dc. She Covers The U.S. State Department | ) www.reuters.com time to read: +4 min

White House national security adviser Jake Sullivan traveled to Saudi Arabia on May 7. Speaking at the pro-Israel lobby group the American Israel Public Affairs Committee on Monday, Blinken said Washington had "a real national security interest" in advocating for the normalization of diplomatic relations between Israel and Saudi Arabia, but cautioned that it will not happen quickly. "[Blinken should explain] why Chinese interests do not align with Saudi Arabia, and why closer relations in a strategic way inhibit closer relations with Washington," Goldberg said. U.S. citizens and residents with family members detained in Saudi Arabia called on Blinken in a letter on Tuesday to press Saudi officials for an immediate release of their relatives. The list included prominent cleric Salman al-Odah, children of former spy chief Saad al-Jabri, human rights defender Mohammed al-Qahtani and aid worker Abdulrahman al-Sadhan.

Persons: Antony Blinken, Prince Mohammed bin Salman, Jake Sullivan, Blinken, Washington, Richard Goldberg, Goldberg, Joe Biden, Prince Mohammed, Jamal Khashoggi, Biden, Bashar al, Assad, Salman al, Saad al, Mohammed al, Abdulrahman, Arshad Mohammed, Simon Lewis, Aziz El Yaakoubi, Leslie Adler, Sharon Singleton Organizations: Saudi, White House, diplomat's, Israel, American Israel Public Affairs, Foundation for Defense of Democracies, MbS, Arab, U.S, Thomson Locations: Saudi Arabia, Riyadh, Iran, Jeddah, U.S, Israel, Saudi, Washington, Syria

☆ Saudi's crown prince and Putin are teaming up to keep oil prices high in a geopolitical gambit likely to annoy the US
▼ + stars: | 2023-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia said it is cutting oil production to stabilize oil markets. The move is likely to irk Joe Biden, who has clashed with the Saudis on oil production. The Saudis have previously worked with Russia to cut production, thus boosting prices. Saudi Arabia is the world's biggest oil producer and most influential member of the group, so has significant power over global oil markets. The production cut will likely be among the issues discussed when US Secretary of State Anthony Blinken visits Saudi Arabia next week.

Persons: irk Joe Biden, —, Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz, Saudi Arabia's, Prince Mohammed bin Salman, Alexander Novak, Biden, State Anthony Blinken Organizations: Saudis, Service, Privacy Policy, Reuters, Brent, White, State, New York Times, Kremlin Locations: Saudi Arabia, Russia, Privacy Policy Saudi Arabia, Saudi, Vienna, Austria, Russian, Riyadh, Ukraine, Opec, India

☆ Saudi energy minister defends voluntary oil cuts as precautionary
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. This Sunday, they extended these measures through the end of 2024, with Riyadh announcing an additional 1 million-per-day voluntary and extensible drop, starting in July. The OPEC+ group otherwise collectively decided to stick to its targets for 2023, with production at 40.463 million barrels per day next year. On Sunday, the Saudi oil minister defended the voluntary moves as precautionary. "It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz bin Salman, —, Abdulaziz, CNBC's Dan Murphy Organizations: Energy, Organization of Petroleum Exporting, Saudi Energy, Organization of, Petroleum Locations: Saudi, Vienna, OPEC, Riyadh

☆ OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The Saudi energy minister described the kingdom's additional 1 million barrel-per-day voluntary reduction as a "Saudi lollipop" and stressed it will implemented. Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to "watch out," in a comment widely read as heralding another supply cut.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, Suhail, Prince Abdulaziz bin Salman, Brent Organizations: Energy, Organization of Petroleum Exporting, of, Petroleum, Sunday, Russia's, Reuters, OPEC Locations: Saudi, Vienna, OPEC, Saudi Arabia, Russia, UAE, Moscow, Riyadh

☆ Biden is trying to lure Saudi Arabia's crown prince away from China with lucrative promises, despite once threatening to make him a 'pariah'
▼ + stars: | 2023-05-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

The US has replaced its threats with lucrative contracts for the crown prince as part of a high stakes power game being waged over dominance of the region. Biden last weekend dispatched his national security advisor, Jake Sullivan, to Saudi Arabia, for discussions with Saudi officials. Last year, Crown Prince Mohammed and Xi agreed to deepen their cooperation across a range of economic and security issues. Chinese President Xi Jinping holds talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud at the royal palace in Riyadh, Saudi Arabia, Dec. 8, 2022. "It is important to note that Saudi Arabia is not seeking to burn its bridges with the United States.

☆ Urawa's Skorza cautious of Al Hilal threat in second leg of final
▼ + stars: | 2023-05-05 | by ( Michael Church | ) www.reuters.com time to read: +2 min

TOKYO, May 5 (Reuters) - Urawa Red Diamonds coach Maciej Skorza remains wary of the attacking threat posed by Asian Champions League holders Al Hilal as his side prepare for the second leg of the final at Saitama Stadium on Saturday. But after seeing Al Hilal score seven without reply in their semi-final versus Qatar's Al Duhail in February and strike three times in a 5-3 loss against Real Madrid in the Club World Cup final, Skorza remains cautious ahead of the decisive clash. "It wasn't our intention to play so defensively (in the first leg), it was because Al Hilal are such a good team and they didn't let us play offensively. Al Hilal are playing more in games like this, they are more experienced and can stay calm. Their last triumph came against Al Hilal when a late goal by Brazilian Rafael Silva secured a 2-1 aggregate victory.

☆ Al Hilal coach Diaz ignoring Messi speculation with focus on Asian final
▼ + stars: | 2023-05-05 | by ( Michael Church | ) www.reuters.com time to read: +2 min

TOKYO, May 5 (Reuters) - Al Hilal coach Ramon Diaz refused to be drawn on claims the Saudi Arabian club are attempting to sign Lionel Messi as he focused on his side's clash with Urawa Red Diamonds in the second leg of the Asian Champions League final on Saturday. "Now we're focused on the game," said Diaz, whose side were held to a 1-1 draw in the first leg in Riyadh last week. "We have the final and after the final we'll see what's going to happen." Al Hilal are chasing a record-extending fifth Asian Champions League success and are the holders after defeating Pohang Steelers in the 2021 final. "This team won the Asian Champions League twice (in the last three editions).

☆ The Saudi crown prince wants to build a trillion-dollar utopia in the desert. His deals with China reveal a darker vision.
▼ + stars: | 2023-04-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +9 min

It's part of Crown Prince Mohammed bin Salman's modernizing vision of the country. But behind the outlandish plan, developed by Saudi Arabia's powerful crown prince Mohammed bin Salman, is a much darker reality. Crown Prince Mohammed appears keen to replicate those projects on a grander scale. Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. It appeared to be the beginning of a fruitful partnership for Crown Prince Mohammed.

[1/2] White House National Security Advisor Jake Sullivan speaks during a daily press briefing at the White House in Washington, D.C., U.S., November 10, 2022. REUTERS/Tom BrennerWASHINGTON, April 11 (Reuters) - U.S. national security adviser Jake Sullivan spoke with Saudi Arabia's Crown Prince Mohammed bin Salman on Tuesday and discussed Iran and steps aimed at ending the war in Yemen, the White House said. The foreign ministers of Iran and Saudi Arabia met in Beijing last week after agreeing to end their diplomatic rift following years of hostility that fuelled conflicts across the Middle East. Mr. Sullivan reaffirmed President (Joe) Biden’s unwavering commitment to ensure Iran can never acquire a nuclear weapon," the White House said in a statement late on Tuesday. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

☆ China's Xi speaks with Saudi crown prince, supports Saudi-Iran talks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 28 (Reuters) - China's President Xi Jinping spoke by phone with Saudi Crown Prince Mohammed bin Salman Al Saud, discussing a wide range of subjects including supporting follow-up talks between Saudi Arabia and Iran, state media CCTV reported on Tuesday. Xi recently helped broker a surprise deal between Iran and Saudi Arabia, Middle East rivals, earlier this month to restore diplomatic ties, in a display of China's growing influence in the region which is being warily watched by the United States. Prince Mohammed, who is also the kingdom's prime minister, voiced appreciation for China's initiative to support "efforts to develop good neighbourliness" between Sunni Muslim Saudi Arabia and Shi'ite Iran, Saudi state news agency SPA said. The two leaders stressed the importance of strategic ties between Saudi Arabia, the world's top oil exporter, and economic powerhouse China, a main trade partner of Gulf states, it added. Saudi Arabia and other Gulf states have voiced concern about perceived disengagement by main security guarantor the United States from the region and have moved to diversify partners with an eye on national economic and security interests.

☆ Iraqi ambush of Americans made a mockery of 'Mission Accomplished'
▼ + stars: | 2023-03-16 | by ( Michael Georgy | ) www.reuters.com time to read: +9 min

[1/5] FILE PHOTO: A U.S. soldier walks past Iraqi detainees standing behind a wired fence, at Abu Ghraib prison outside Baghdad, Iraq May 17, 2004. Arriving in the city an hour or so after the ambush on March 31, 2004, I was confronted by a crowd kicking the head of an incinerated body. I was taking notes, trying to make sense of the furore, when a boy, who was probably aged about nine, approached. HOTSPOTIn the two decades of turmoil since the invasion, Falluja repeatedly emerged as a hotspot. I saw an Iraqi douse one of the corpses with petrol, sending flames soaring into the air.

☆ The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.
▼ + stars: | 2023-03-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Taking up a specific role that the U.S. could not have fulfilled, this was Beijing's first foray into Middle East mediation, an area that for the past few decades was largely occupied by Washington. "I think China was a good partner to do this. I think they're the right people," he said, noting that China invests heavily in Saudi Arabia and is its top trading partner. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. And not just economically, as it already exports an immense amount of goods to the Middle East and is the largest importer of Saudi oil – but politically.

☆ Saudi energy minister sees no clear results yet from Russia price cap
▼ + stars: | 2022-12-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

[1/2] Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap. The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said. Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead. He also said he insisted that every OPEC+ alliance member take part in decision-making.

☆ China, Saudi Arabia stress importance of oil market stability as Xi visits Riyadh
▼ + stars: | 2022-12-09 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. China and Saudi Arabia stressed the importance of global oil market stability and Riyadh's role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping. China is the world's largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers' alliance. Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The Chinese head of state has extended an invitation for King Salman to visit China "at a mutually convenient time," the statement said.

DUBAI, Dec 8 (Reuters) - Saudi Arabia and China have signed memorandums of understanding on hydrogen energy and the encouragement of direct investment between the two states, state news agency (SPA) said on Thursday, during a state visit by Chinese President Xi Jinping to Riyadh. Xi and Saudi Crown Prince Mohammed bin Salman also signed an agreement for harmonization between the kingdom's 2030 vision and Beijing's belt and road initiative, SPA added. Reporting by Riham Alkousaa; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Saudi prince seeks Mideast leadership, independence with Xi's visit
▼ + stars: | 2022-12-04 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +7 min

The Saudi government did not respond to requests for comment on Xi's visit and its agenda. It is China's top oil supplier, although fellow OPEC+ producer Russia has increased its Chinese market share with lower-priced fuel. The Chinese delegation is expected to sign dozens of agreements with Saudi Arabia and other Arab states covering energy, security and investments, diplomats have told Reuters. U.S. officials have declined to comment when asked about Saudi-China bilateral relations ahead of Xi's visit. "The relationships with China pale versus those with the United States in terms of both complexity and intimacy," he said.

☆ Saudi Arabia's injured Al-Faraj out of the World Cup
▼ + stars: | 2022-11-27 | by ( Shady Amir | ) www.reuters.com time to read: +1 min

Al RAYYAN, Qatar, Nov 27 (Reuters) - Injured Saudi Arabia captain Salman Al-Faraj is out of the World Cup after coach Herve Renard agreed to let him leave the camp, the Saudi Football Association said on Sunday. Al-Faraj was injured at the end of the first half of the historic 2-1 victory over Argentina in Saudi Arabia's first match in the tournament on Tuesday. He left the stadium on crutches, with an apparent leg injury, and Renard said he did not expect him to participate in any more matches at the finals. Saudi Arabia, who lost 2-0 to Poland on Saturday, are equal with Argentina on three points while Poland top the group with four and Mexico are last with one point. Saudi Arabia need to beat Mexico in the last match in the group on Wednesday to ensure qualification for the last 16, regardless of the outcome of the match between Poland and Argentina.

[1/2] Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman Al Saud arrives to attend the APEC Leader's Informal Dialogue with Guests during the APEC 2022 in Bangkok, Thailand, 18 November 2022. U.S. Secretary of State Antony Blinken said on Tuesday the immunity decision did not speak to a review of Washington's relationship with Saudi Arabia, which was ongoing. HISTORIC LOWSaudi ties with the United States and the wider West are still at a historic low point. When Saudi Arabia consequently took its security into its own hands with its war in Yemen, it saw Western criticism as hypocritical. Saudi Arabia would likely still prefer to have a U.S. security umbrella.

☆ Messi leads Argentina v Saudi Arabia in final World Cup quest
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia coach Herve Renard kept captain and midfielder Salman Al-Faraj in the team after his recent recovery from a shoulder injury. Abdulelah Al-Malki will keep Saudi Arabia's first line of defence in front of the back line, alongside Al-Faraj. The Saudi team is entirely home-based, with the local league's financial clout ensuring few leading players aspire to play overseas. Following are the teams:Argentina:Emeliano Martinez, Cristian Romero, Nicolas Tagliafico Nicolas Otamendi, Nahuel Molina, Alejandro Gomez, Rodrigo De Paul, Leandro Paredes, Lionel Messi (c), Lautaro Martinez, Angel Di Maria. Saudi Arabia:Mohamed Al-Owais, Ali Al-Bulaihi, Yasser Al-Shahrani, Mohamed Kanno, Saud Abdulhamid, Abdulelah Al-Malki, Saleh Al-Shehri, Hassan Al-Tambakti, Salman Al-Faraj (c), Salem Al-Dawsari, Firas Al-Buraikan.

☆ Messi's Argentina expected to roll over Saudis in Group C opener
▼ + stars: | 2022-11-20 | by ( Andrew Cawthorne | ) www.reuters.com time to read: +3 min

The South Americans are on a 36-match unbeaten run with top scorer and captain Messi playing his fifth and last World Cup in search of the elusive honour that would grant him immortality at home alongside Diego Maradona. "I see him as always ... eager to enjoy the World Cup," said head coach Lionel Scaloni, trying to ease some of the pressure on his main man. Yet they have pedigree too: this is their sixth World Cup, they reached the last 16 in 1994, and they made it to Qatar by topping their group ahead of Japan. Renard's far lesser-known team is entirely home-based, with the financial clout of the Saudi Pro League ensuring few leading players aspire to venture overseas. Argentina will fully expect to beat Mexico and Poland in their other Group C games, whereas the Saudis may have to accept damage limitation in their opening match before a more realistic quest for points in their next two.

☆ Injured Al-Faraj in Saudi Arabia World Cup squad
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] Soccer Football - World Cup - Group A - Saudi Arabia vs Egypt - Volgograd Arena, Volgograd, Russia - June 25, 2018 Saudi Arabia's Salman Al-Faraj scores their first goal from the penalty spot. REUTERS/Darren StaplesNov 11 (Reuters) - Saudi Arabia coach Herve Renard named Al-Hilal midfielder Salman Al-Faraj in his 26-man squad for the World Cup, despite sustaining a shoulder injury in a friendly on Sunday. He has something in the shoulder, there is pain but it will be okay in a few days," the French coach said in a video posted by the Saudi team on Twitter on Wednesday. Renard called up two goalkeepers - Mohamed Al-Owais and Nawaf Al-Aqidi - who are not first choices for Al-Hilal and Al-Nassr respectively. Saudi Arabia will play in Group C in Qatar along with Argentina, Mexico and Poland.

☆ Qatar World Cup ambassador says homosexuality is ‘damage in the mind’
▼ + stars: | 2022-11-08 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

BERLIN — An ambassador for the World Cup in Qatar has described homosexuality as a “damage in the mind” in an interview with German public broadcaster ZDF just two weeks before the opening of the global soccer tournament in the Gulf state. Excerpts of the television interview were shown Monday night on ZDF’s news program Heute Journal. Concerns about the conservative country’s treatment of homosexuals living in the country as well as LGBTQ tourists attending the World Cup have also been expressed for a long time. In the interview, Salman also said that homosexuality “is a spiritual harm.”“During the World Cup, many things will come here to the country. The interview was cut short by a press officer of the World Cup organizing committee after Salman expressed his views on homosexuals, ZDF reported.

☆ Oil volatility could get more intense as Europe's December deadline approaches
▼ + stars: | 2022-10-26 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."

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