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Will Biden return from Saudi Arabia empty-handed?

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Listen: Will Biden return from Saudi Arabia empty-handed?

US President Joe Biden just wrapped up a trip to the Middle East with a closely watched visit to Saudi Arabia. His national security director signaled that the success of his oil diplomacy will be judged in the coming weeks, not immediately.

So will OPEC+ agree to increase production at its Aug. 3 meeting to help ease global prices?

Ellen Wald, president of Transversal Consulting and senior nonresident fellow at the Atlantic Council's Global Energy Center, spoke with senior editor Meghan Gordon about the debate around Saudi Arabia's spare oil capacity, US-Saudi relations, and how Russia likely loomed over the talks.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

Related content:

Biden presses Saudi leaders to act through OPEC+ to increase oil supply in coming weeks

High stakes for oil markets, Mideast security as Biden heads to Saudi Arabia

Oil production test looms for OPEC heavyweights Saudi Arabia, UAE

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