Saudi Arabia Pledges to Increase Oil Production

The Saudi Arabian government has promised to increase oil output in July and August, according to the White House, which will “considerably stabilize markets,” Fox News informed.

Following private meetings between King Salman bin Abdulaziz al Said, Crown Prince Mohammed bin Salman, and Saudi Ministers, as well as President Biden and administration officials.

According to the White House, Saudi Arabia has pledged to maintain global oil market balance for sustained economic growth.

Officials also said they have appreciated the output levels rising by 50% over what was anticipated for July and August.”

The White House stated that the efforts will assist in stabilizing the markets greatly.

The signing of the Partnership Framework for Advancing Clean Energy, including new Saudi investments to advance with the energy transition and address the effects of climate change, was also noted in the discussions, according to the White House. Biden reportedly applauded this development.

The framework focuses notably on green hydrogen initiatives, solar initiatives, nuclear initiatives, and other clean energy programs, according to the White House.

The White House has been emphasizing for weeks that Biden’s discussions with Saudi Arabian officials will not be “focused” on oil production.

After months of resistance amid skyrocketing global energy costs, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ decided last month to increase oil output this summer.

Jake Sullivan, the national security adviser for the White House, made reference to that declaration on Friday and said that discussions on it would take place in Saudi Arabia.

Biden and Saudi officials inked bilateral cybersecurity agreements with the FBI and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency during the meeting as well.

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