: Biden expects more Saudi oil output after meeting in Jeddah

by | Jul 15, 2022 | Stock Market

President Joe Biden on Friday said he expects further oil supply increases from Saudi Arabia which may help lower U.S. gasoline costs after a meeting with the country’s leaders. Biden’s trip did not result in a pledge for a rise in production from Saudi Arabia, but US officials said they were confident that the country would lead the OPEC+ alliance to an agreement for a slow increase.  

“I’m doing all I can to increase the supply for the United States of America, which I expect to happen,” Biden told reporters. “The Saudis share that urgency. And based on our discussions today, I expect we’ll see further steps in the coming weeks.” See Biden: ‘Expect further steps’ from Saudis in coming weeks on oil supply “Saudi Arabia has committed to support global oil market balancing for sustained economic growth,” the White House said in a statement. “These steps and further steps that we anticipate over the coming weeks have and will help stabilize markets considerably.” Biden met with King Salman bin Abdulaziz and his son, Crown Prince Mohammed Bin Salman, in Jeddah and the visit came after high oil prices forced the president to backtrack on an earlier vow to ostracize Saudi Arabia over …

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