Free Trial

Biden Vows Consequences For Saudi Arabia After OPEC+ Cut, Downplays Recession Risk


U.S. President Joe Biden gave an exclusive interview to CNN's Jake Tapper hours after meeting G7 leaders. The interview aired at 9pm ET:

  • Biden voiced his disappointment with Saudi Arabia over its decision to join OPEC+ oil output cuts. He accused Riyadh for teaming up with Russia and warned that "there's going to be some consequences" for the kingdom. It seems that the touted consequences won't be imminent, as the White House is "in the process" of evaluating needed measures and won't implement them before lawmakers return from their recess.
  • The POTUS played down recession risk, adding that if the U.S. suffers an economic downturn, "we'll move down very slightly." He poured cold water on experts' warnings and gave a negative answer to the question whether the American people should prepare for a recession.
  • Biden said he doesn't think that Russia's Vladimir Putin will use nuclear weapons, but the Pentagon has a game plan in case he does. The U.S. leader added that he would agree to meet with Putin to discuss the release of detained U.S. basketball player Brittney Griner, but wouldn't engage in any talks on the Ukraine situation without Kyiv's involvement.
  • Biden expressed confidence that he could beat his predecessor Donald Trump again, adding that he will make the decision on whether to seek re-election in 2024 after the upcoming midterms.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.