Saudi Arabia agrees to increase oil production levels and will help ‘stabilize markets’, White House says

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The White House said Friday that Saudi Arabia has pledged to increase oil production in July and August, a move that will help “significantly stabilize markets.”

Saudi Arabia’s engagement came after President Biden held bilateral meetings with administration officials and King Salman bin Abdulaziz al Said and Crown Prince Mohammed bin Salman, as well as Saudi ministers.

“Saudi Arabia is committed to supporting the balancing of the global oil market for sustained economic growth,” the White House said. “We welcomed the increase in production levels by 50% compared to what was planned for July and August.”

“These and other measures we anticipate over the next few weeks have and will help stabilize markets significantly,” the White House said.

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Also at the meetings, the White House said Biden welcomed the signing of a bilateral partnership framework to advance clean energy, with new Saudi investments to “accelerate the energy transition and combat the effects of climate change”.

The White House said the framework “focuses particularly on solar power, green hydrogen, nuclear and other clean energy initiatives.”

“Building on existing collaboration between energy experts in our countries, we seek to strengthen our efforts to combat climate change and advance the deployment of clean energy resources around the world,” the White House said. , noting that the partnership “will leverage public and private sectoral collaboration to advance the deployment of clean energy solutions while accelerating the research, development and demonstration of innovative technologies needed to decarbonize the global economy and achieve low emissions. net zero.

For weeks, the White House has emphasized that oil production is “not the focus” of conversations Biden will have with Saudi officials.

The Organization of the Petroleum Exporting Countries (OPEC) cartel and its broader group of allied producers known as OPEC+ agreed last month to increase oil production this summer after month of resistance amid soaring global energy prices.

On Friday, White House national security adviser Jake Sullivan referenced the announcement, saying it would be discussed in meetings in Saudi Arabia.

“We hope we will see additional actions from OPEC+ in the coming weeks.”

WHITE HOUSE SAYS OIL PRODUCTION ‘NOT CORE’ OF CONVERSATIONS WITH SAUDI ARABIA

Also at the meeting, Biden and Saudi officials signed bilateral cybersecurity agreements, one with the FBI and the other with the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. The agreement was reached with the aim of expanding the existing bilateral relationship between the United States and Saudi Arabia to share information on cybersecurity threats and the activities of malicious actors and to strengthen the common defense. of our nations.

The White House also announced that Saudi Arabia is committed to extending and strengthening the UN-brokered truce in Yemen, which has led to 15 weeks of peace in the region. The support included a pledge to provide more than $1 billion for development projects and fuel support.

Biden also reaffirmed the United States’ commitment to assisting Saudi Arabia in protecting and defending its territory and its people from “all external attacks, especially those launched by the Iran-backed Houthis in Yemen.”

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Biden and Saudi leaders also discussed opening Saudi airspace to civilian aircraft flying to and from Israel; work together on space exploration; and cooperation in public health efforts.


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