Why Riyadh rebuffed Biden’s pleas for more oil

Rising influence: A photographer takes pictures of the Khurais oil field 150km north-east of Riyadh. Saudi Arabia is using the billions it earns from oil to prepare itself to become a 21st-Century economic powerhouse. — AP

WASHINGTON: The United States has accused Saudi Arabia of siding with Russia after it led the Organisation of the Petroleum Exporting Countries and allies (Opec+) in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation.

The world’s largest oil exporter insists the decision was about economics, not politics.