{"id":19491,"date":"2023-04-04T20:06:43","date_gmt":"2023-04-04T20:06:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-saudi-tensions-escalate-as-report-says-crown-prince-is-no-longer-interested-in-pleasing-the-united-states-economics-bitcoin-news\/"},"modified":"2023-04-04T20:06:43","modified_gmt":"2023-04-04T20:06:43","slug":"us-saudi-tensions-escalate-as-report-says-crown-prince-is-no-longer-interested-in-pleasing-the-united-states-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-saudi-tensions-escalate-as-report-says-crown-prince-is-no-longer-interested-in-pleasing-the-united-states-economics-bitcoin-news\/","title":{"rendered":"US-Saudi Tensions Escalate as Report Says Crown Prince Is No Longer Interested in Pleasing the United States\u00a0 \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After Saudi Arabia and members of the Organization of the Petroleum Exporting Countries (OPEC) surprised the world by announcing cuts to oil production, a spokesperson for U.S. president Biden\u2019s National Security Council stated that reducing production is not advisable. According to a recent report, Saudi Arabia\u2019s crown prince Mohammed bin Salman has told associates that Riyadh is no longer interested in pleasing the United States.<\/strong><\/p>\n

The Growing Shift Away from U.S. Dollar Hegemony in Global Trade and Finance<\/h2>\n

There has been a lot of focus on OPEC members and the BRICS countries (Brazil, Russia, India, China, and South Africa) recently as several members of these groups are shifting alliances. On Sunday, April 2, several major oil producers, including Saudi Arabia, Russia, the United Arab Emirates (UAE), Iraq, Kuwait, Oman, and Algeria, announced<\/a> plans to cut oil production in 2023. The cuts will begin in May, and it is estimated that production will be reduced by 1.15 million barrels of oil per day.<\/p>\n

After the decision, the White House responded<\/a> to the news by stating that cutting oil production was not advisable. Despite statements from the Biden administration and various Democratic policymakers vowing consequences the last time major oil producers cut production in October 2022, Saudi Arabia\u2019s leaders do not seem to care. According to a Wall Street Journal (WSJ) report<\/a> published on April 3, Prince Mohammed \u201ctold associates late last year that he was no longer interested in pleasing the [United States].\u201d<\/p>\n

According to a report by Summer Said and Stephen Kalin in the WSJ, \u201cpeople familiar with the conversation\u201d explained that the prince wants \u201csomething in return for anything he gives Washington.\u201d The report also claims that the oil production cut \u201chas major political ramifications and could add to Riyadh\u2019s already significant tensions with Washington.\u201d Last October, Saudi government officials reportedly<\/a> mocks president Joe Biden over his mental acuity. In July, Biden flew to Saudi Arabia to meet with the prince and pressed the Saudis for more oil production.<\/p>\n

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While the Saudi government and crown prince Mohammed bin Salman are not interested in pleasing the U.S. these days, Saudi Arabia\u2019s relationship with China has grown stronger.<\/figcaption><\/figure>\n

However, the Saudi government refused his requests, and after Biden left, the U.S. president was ridiculed on a television broadcast<\/a> aired in Saudi Arabia, calling him \u201cSleepy Joe.\u201d At that time, people familiar with the matter told<\/a> the WSJ that unnamed members of the Saudi government say the prince and his team privately make fun of president Biden behind his back. Biden was also mocked when he traveled to see the prince and decided not to shake the prince\u2019s hand, instead offering a pandemic-inspired fist bump.<\/a><\/p>\n

Amid the Saudi government\u2019s message and America\u2019s tensions with the BRICS nations, the U.S. government\u2019s exceptionalism that inspired the 2004 comedy \u201cTeam America: World Police\u201d seems to be fading faster than ever before. This year, after a 48-year relationship solely with the U.S. dollar, Mohammed Al-Jadaan, Saudi Arabia\u2019s finance minister, said<\/a> the kingdom is open to trading in currencies other than the U.S. dollar.<\/p>\n

Many analysts and economists have stressed that the U.S. dollar has been propped up by the petrodollar scheme since 1944. The recent events in 2023 indicate that the greenback\u2019s superiority is taking a back seat, and many officials abroad don\u2019t seem to care what the U.S. thinks these days.<\/p>\n

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alliance<\/a>, Biden Administration<\/a>, Brazil<\/a>, BRICS countries<\/a>, China<\/a>, China Saudi government<\/a>, climate change<\/a>, crown prince Mohammed bin Salman<\/a>, Currency<\/a>, diplomacy<\/a>, economic policy<\/a>, Energy<\/a>, energy transition<\/a>, environmental policy<\/a>, Finance<\/a>, fossil fuels<\/a>, Global Trade<\/a>, green technology<\/a>, India<\/a>, international relations<\/a>, Middle East<\/a>, National Security Council<\/a>, Negotiations<\/a>, oil market<\/a>, oil production<\/a>, opec<\/a>, petrodollar<\/a>, pleasing<\/a>, political ramifications<\/a>, Renewable Energy<\/a>, Russia<\/a>, Saudi Arabia<\/a>, South Africa<\/a>, Tensions<\/a>, United States<\/a>, US Dollar<\/a>, US-Saudi relations<\/a>, Washington<\/a><\/div>\n<\/div>\n

What do you think the long-term implications of these tensions between the U.S. and Saudi Arabia will be on the global oil market and the international relations between these two countries? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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