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'FISTBUMP' ANYONE? According to people familiar with Saudi Arabia’s thinking, Riyadh was irritated last week that the Biden admin publicly ruled out new crude purchases to replenish the strategic stockpile that Biden drained last year. ...Apparently, that was the straw that broke the OPEC's back. Energy secretary Jennifer Granholm’s statement that it could take “years” to refill the reserve sent oil prices briefly lower. The White House had previously offered reassurance to Saudi Arabia that it would step in to make purchases for its strategic reserve if prices fell. Of course, Biden always has 'the smartest guy he knows' to rely on energy policy... 🤡 Brent futures are expected to rise this evening in response to today's news. Prices have been range bound between $86-$73 a barrel for much of 2023. Now cue the "disappointment" press release from The White House. https://www.zerohedge.com/commodities/saudi-arabia-makes-voluntary-cut-500000-barrels-day-may