Analysis: Saudi Arabia walks oil policy tightrope between Biden and Putin – Reuters

Analysis: Saudi Arabia walks oil policy tightrope between Biden and Putin – Reuters

LONDON/DUBAI, June 30 (Reuters) - Saudi Arabia's push for swifter oil production hikes by OPEC+, which were agreed in June, involved behind-the-scenes diplomacy to ensure Russia backed the move that followed U.S. appeals for more supply, two sources familiar with the discussions said.

The OPEC+ group of oil producers made a larger-than-expected output rise when its ministers met on June 2, a step welcomed by the administration of U.S. President Joe Biden, who will next month visit the kingdom for the first time since taking office. read more

The backroom diplomacy, described by the sources to Reuters, indicates the balancing act Riyadh faces as it seeks to improve strained ties with the United States while shoring up an oil alliance with Russia that it has worked to secure for decades.