Even as prices decline, the tight oil market is once again raising economic and political worries in Washington. 

In July, President Biden traveled to the Middle East to meet with several Arab leaders – including Saudi Arabia’s King and Crown Prince Mohammed bin Salman. Expanding oil supply was high on the list of the administration’s diplomatic objectives.

Saudi Arabia says it has limited ability to add extra oil to the market, and it’s not clear whether OPEC+ countries agree on the path forward for oil output. All of this comes at a time of enormous uncertainty in the global outlook for oil, due to fears of a recession and concerns over Russian supply. 

Now all eyes are on OPEC+ in early August. Will Biden’s overtures have any consequential impact on production? 

This week, host Jason Bordoff sits down with Dr. Karen Young and Bob McNally to discuss what’s next for oil markets.

Dr. Young is the newest Senior Research Scholar at the Columbia University Center on Global Energy Policy. She was a Senior Fellow and Founding Director of the Program on Economics and Energy at the Middle East Institute. 

Bob McNally is a Non-Resident Fellow at the Center on Global Energy Policy. He’s the author of Crude Volatility: The History and the Future of Boom-Bust Oil Prices, published by Columbia University Press. In his full-time capacity he is the founder and President of Rapidan Energy Group, an independent energy consulting and market advisory firm based in the Washington DC area.

In the wake of Biden’s controversial trip to the Middle East, Jason spoke with Karen and Bob about what it tells us about the state of the global oil market in the months ahead.