The US wants Saudi Arabia and its OPEC allies to produce more oil to help lower the high price of gasoline.
The United States does not expect Saudi Arabia to increase oil production immediately and will monitor the results of the next OPEC+ meeting on August 3, a US official told Reuters on Friday.
The comments came hours before US President Joe Biden landed in Jeddah, Saudi Arabia, on a trip to redefine US relations with the kingdom, including energy supplies, human rights populations and security cooperation.
Saudi Arabia, along with the United Arab Emirates, has most of the available capacity Within the OPEC+ group, an alliance between the Organization of the Petroleum Exporting Countries (OPEC) and several major crude producers, including Russia.
However, the kingdom has repeatedly indicated that it will not act unilaterally. “Saudi Arabia wants to manage the market through the Organization of the Petroleum Exporting Countries and Associated Producers (OPEC+), not unilateral actions”In a note wrote Ben Cahill, research fellow at the Center for Strategic and International Studies. Saudi Energy Minister Abdelaziz bin Salman continued to emphasize the importance of OPEC+ integration, including Russia’s key role.he added.
Increased production targets
The US is eager to get Saudi Arabia and its OPEC partners to produce more oil Reduce the high cost of petrol and reduce runaway inflation in the United States.
Joe Biden recently said he wasn’t going to directly push Saudi Arabia to increase oil production, but rather wanted to champion an idea. Oil increases from all Gulf countries.
OPEC+ decided last monthIt increased its production targets by 648,000 barrels per day (bpd) in August, ending record production cuts decided at the height of the pandemic to counter falling demand.
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