Ukraine War Pushes Biden Toward Venezuela, Iran and Saudi Arabia in Oil Hunt

The war in Ukraine has added urgency to the Biden administration’s monthslong search for new oil supplies, as it seeks to contain surging energy prices through talks at home and diplomacy abroad with friends and foes alike.

The rush to fill gaps from Russia’s rapidly shrinking contribution to the global energy markets has led the White House to oil-rich nations in the Middle East, countries under U.S. sanctions and private-sector oil giants meeting this week in Houston. But the quest has been complicated by several factors, including President Biden’s vow to take a tougher line against Saudi Arabia over human-rights abuses, domestic political pressure and post-pandemic supply-chain disruptions.

The upshot is a globe-spanning scramble for spare supply that has only accelerated after the Biden administration this week banned imported oil and other energy sources from Russia to punish the country for the onslaught in Ukraine.

The Biden administration also has its eye on Iran. If talks in Vienna to restore the 2015 nuclear accord finally reach a conclusion, Iran could re-enter international oil markets in the coming months. While U.S. sanctions on Iran would remain in effect, preventing direct purchases of Iranian oil, analysts see the completion of the agreement as one of the faster ways to get more crude on the market.

(The Wall Street Journal)