Saudi Arabia intends to increase oil production by 50 percent compared to the planned number for July and August.
The United States and Saudi Arabia have reaffirmed their commitment to a stable global energy market, according to a joint statement following US President Joe Biden’s visit to Riyadh.
“The parties stressed the importance of strategic economic cooperation and investment, especially in light of the crisis in Ukraine and its consequences, and reaffirmed their commitment to a stable global energy market,” the joint statement said. It was published on the websites of the White House and the Saudi Press Agency.
It said the US accepted Saudi Arabia’s commitment to “maintain the balance of the global oil market for sustainable economic growth.”
A separate US statement said Saudi Arabia intends to increase oil production by 50 percent compared to the planned number for July and August.
“These and the additional steps we expect in the coming weeks will help to significantly stabilize the markets,” the White House said in a statement.
The price of oil is falling. Causes and effects
On the subject of Russia’s war against Ukraine, the parties in a joint statement stressed the importance of international law, territorial integrity and national sovereignty. They reaffirmed their support for the UN General Assembly resolution on this issue. The leaders are also committed to helping Ukrainian citizens and unimpeded grain exports.
In total, the US and Saudi Arabia have signed 18 agreements. These concern investment, energy, information and communication technology, space and healthcare.
The parties also agreed to expand cooperation in the field of cyber security, in a strategic partnership in resolving climate issues and in energy transition, they also want to prevent Iran from acquiring nuclear weapons.
Biden’s trip to the Middle East takes place against the backdrop of the Western world’s rejection of energy from Russia. In particular, the world’s largest G7 economy aims to introduce a price ceiling for Russia’s oil.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.