The surprise production cuts announced by OPEC+ at the weekend appear to have been motivated by a number of factors.
The most obvious is that OPEC+ is clearly unhappy with the price at which oil has been trading. Brent crude has been below $90 a barrel since mid-November and, during the last few weeks, has gone as low as $70.12.
The Saudis in particular appear unhappy that crude has been trading broadly within a band of $70 to $80 a barrel and presumably would like to set a floor in the price at the upper end of that range.
The kingdom's de facto ruler, Crown Prince Mohammed bin Salman, is investing billions of dollars in Vision 2030, his strategic plan to diversify the Saudi economy away from energy, which includes building a new mega-city in the desert and opening the country to tourists and cultural visitors. That programme requires oil prices to remain at a certain level.
Mr Biden sought to patch things up with a visit to the kingdom in July last year, during which he greeted Crown Prince Mohammed with a fist bump - only for OPEC to push through a production cut of two million barrels per day in October. This was a measure Mr Biden said would have "consequences". So this may be another indication from Riyadh that it has not forgiven, or forgotten, those remarks.
What is not clear is the extent to which Russia - which is not a member of OPEC but is a part of the broader OPEC+ grouping - has had any say in the decision. The Saudis are shouldering the bulk of the production cuts, along with the UAE, Kuwait and Iraq, while Russia's involvement appears to extend to merely keeping in place an existing half a million barrels per day production cut until the end of the year. Moscow stressed on Sunday night that this was a voluntary decision - but very evidently the Saudis are calling the shots in the cartel.
The consequences of this move are clear, though. The most unwelcome one could be a boost to Vladimir Putin's war effort: it is being suggested that less Saudi crude on the market could push the likes of India and China to buy even more Russian crude. The Indians have already indicated as much.
Another is that this production cut will leave global demand and supply out of kilter for the second half of the year. Both Goldman and JP Morgan are now forecasting that crude could trade at $90 a barrel between now and the end of the year. UBS, meanwhile, thinks prices could go to $100.
That will make life harder for central banks around the world that are grappling with the consequences of higher inflation.
This action, then, has increased the danger of interest rates in the UK, Europe and the United States having to remain higher for longer - with all the consequences for global GDP growth that entails.