US doesn't expect boost to Saudi oil production

AP , Friday 15 Jul 2022

​The United States does not expect any announcements on a boost to Saudi Arabian oil production as President Joe Biden visits the kingdom.

Jake Sullivan
Jake Sullivan, National Security Advisor to the President, speaks during a press briefing at the White House in Washington, DC, on July 11, 2022. AFP


National Security Adviser Jake Sullivan told reporters aboard Air Force One during the flight to Saudi Arabia on Friday not to ``expect a particular announcement here bilaterally.''

Sullivan said that's consistent with the administration's expectations for the trip. ``We believe any further action taken to ensure that there is sufficient energy to protect the health of the global economy will be done in the context of OPEC+,'' he added.

U.S. officials have said they are hopeful that the energy producing cartel will agree to boost production in the coming weeks.

The OPEC+ agreement, led by Saudi Arabia and Russia, to curb oil production was agreed upon during the height of the COVID-19 pandemic and lockdowns in 2020. It is set to expire next month, though quotas could remain in place through the end of the year.

Prices of Brent crude have hovered around $100 a barrel. Although Saudi Arabia is producing around 10.5 million barrels per day currently, the kingdom and the United Arab Emirates are seen as two countries with spare capacity that can pump more to help bring down prices. It's unclear though how quickly the kingdom could ramp up production.

Short link: