President Joe Biden claims to expect an increase in the oil supply after his meet with the Kingdom’s Crown Prince Mohammed Bin Salman.US President Joe Biden visited Saudi Arabia to rebuild relations with the country.
Biden and Saudi Arabia’s Crown Prince Mohammed Bin Salman sat down for a political conversation to reset relations on July 15.
Although there was no immediate commitment to increase output as a result of Biden’s visit, US officials expressed confidence that Riyadh would persuade the Organization of the Petroleum Exporting Countries (OPEC+) alliance to agree to a gradual increase.
The trip to Jeddah was to discuss the high fuel prices. The president had earlier vowed to isolate Riyadh over the 2018 assassination of a Washington Post columnist, but high fuel prices forced him to change his stance.
As the midterm elections approach, dissatisfaction is growing as gas prices in the US stay close to record highs of five dollars per gallon.
Following a meeting with Crown Prince Mohammed bin Salman in Jeddah, US president Joe Biden stated that he anticipated Saudi Arabia to take “further steps” to raise the oil supply in the “coming weeks.”
After the meeting, Biden declared that he was doing everything in his hands to increase the supply of crude and he is anticipating success.
Saudi Arabia agrees that action is needed and based on their conversation, Biden predicts that more action will be taken in the upcoming weeks.
US customers might start to notice the impact of his trip to the oil-rich kingdom at the gas station. After the meeting, a Saudi official clarified the kingdom’s stance on output, stating it would depend on demand. State minister for foreign affairs Adel al-Jubeir declared, “Oil is not a political weapon, oil is not a tank.”
The US and Saudi Arabia have pledged to maintain the security of the world oil markets. Both nations committed to routinely consulting one another on the short- and long-term state of the world’s energy markets and to collaborating as strategic partners in the transition to a cleaner energy source.
In order to assist lower the high price of gasoline and lower the highest US inflation rate in 40 years, the US is eager to see Saudi Arabia and OPEC partners pump more oil.
