Saudi Arabia: OPEC+ meeting of August 3 will decide on increase of oil supplies

Saudi Arabia: OPEC+ meeting of August 3 will decide on increase of oil supplies

RIYADH — Ministers and senior officials in Saudi Arabia have reaffirmed that oil policy decisions will be taken according to the market stability conditions and that is within the OPEC + alliance. They made the remarks at the end of the first ever historic visit of Joe Biden as president of the United States to Saudi Arabia and the Middle East region, according to Al-Arabiya channel.

Biden said on Friday that he shared his view with the Saudi officials with regard to the “dire need” to increase oil supplies, and he expected “further steps in the coming weeks” to that end. Biden told a press conference in Jeddah that he would do all that he could to bring more oil to the market and his country.

Saudi Foreign Minister Prince Faisal Bin Farhan said the US-Arab summit on Saturday did not discuss oil. He said that OPEC+ would continue to assess market conditions and do what is necessary.

Oil prices rocketed to their highest levels since 2008, climbing above $139 a barrel in March, after the US and Europe imposed sanctions on Russia over its invasion of Ukraine, which Moscow calls a “special military operation”. Prices have slipped since then.

Meanwhile, Saudi officials have