How 80 Years Old Joe Biden 'Broke OPEC' Despite Saudi Arabia's Rejection to Pump More Oil. By Tony Bruce | Sunday , June 09, 2024 | 5 min read Saudi Crown Prince Mohammed bin Salman and President Biden meet in Jeddah, Saudi Arabia, in July. SAUDI ROYAL COURT/REUTERS For six decades, the Organization of the Petroleum Exporting Countries (OPEC) held sway over global oil prices, significantly influencing American politics and the global economy. Recently, President Joe Biden has made notable strides in diminishing OPEC's control over the oil market. Despite a notable diplomatic setback when Saudi Crown Prince Mohammed bin Salman rejected Biden's call to pump more oil, Biden's strategic policies have still managed to curtail OPEC's dominance and reshape the rules of oil trading. OPEC's Historical Influence OPEC has long played a crucial role in controlling the global supply and price of oil. By coordinating production levels among member countries, OPEC ...