Oil: Asia's Growing Interest in the Middle East
The US is leaving the Middle East, whilst Asia is becoming more dependent on it.
IN THIS PUBLICATION
- The US no longer imports significant amounts of oil from the Middle East.
- Instead, energy-hungry Asian powers are becoming more dependent on imports of oil from that region.
- US strategic interests in the Middle East are declining, while Asian powers’ strategic interests in the region are increasing.
Why does the US Care About OPEC+’s Oil Production?
For months, the US government has been preoccupied with global oil prices. According to the White House, “the President understands that gasoline prices squeeze families’ budgets”. That is why the US has been releasing oil from its Strategic Petroleum Reserve – which is at its lowest level since November 2002. (Eminem’s “Lose Yourself” was top of the Billboard Top 40 charts that month in case you were wondering.) It is also why the US has practically been begging OPEC+ to pump more oil.