FirstFT: Opec+ sticks with oil supply increase after US overture

FirstFT: Opec+ sticks with oil supply increase after US overture

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Saudi Arabia has agreed to keep increasing monthly crude oil production following a charm offensive by Biden administration officials that included an effort to reframe the relationship between the US and the kingdom.

The decision by Saudi Arabia, Opec’s de facto leader, comes after a high-level US delegation held meetings in the kingdom this week, said officials briefed on the talks.

The outreach signals a shift in Washington’s approach to relations with the kingdom, with a focus on economics and energy. The Biden administration’s move to court Riyadh comes as the price of petrol at American fuel pumps has soared.

Joe Biden entered the White House promising to reassess Washington’s relations with Riyadh as he condemned Saudi Arabia over the murder of Jamal Khashoggi and other human rights abuses. The administration also made it clear that, unlike his predecessor Donald Trump, Biden would deal with King Salman, not Crown Prince Mohammed bin Salman, the ageing monarch’s son and the kingdom’s day-to-day leader.

Have a good weekend. Thanks for reading FirstFT Asia and here’s the rest of today’s news — Emily

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