US, Saudi Arabia pledge moves to stabilise global energy markets

by | Jul 16, 2022 | World

A joint statement by the two nations was released after US President Joe Biden held talks with top Saudi officials, including Crown Prince Mohammed bin Salman.The United States and Saudi Arabia have expressed their commitment to ensuring the stability of global energy markets.
In a joint statement carried by Saudi state news agency (SPA) after US President Joe Biden held talks with senior Saudi officials on Friday, the US welcomed Riyadh’s commitment to support balanced global oil markets to achieve sustainable economic growth.
The two countries agreed on consulting regularly on global energy markets in the short and long term and work together as strategic partners in climate and energy transition, according to the statement.
Experts have said energy interests have pushed Biden to travel to the kingdom, his first visit to the Middle East since becoming the US president.
The US is eager to see Saudi Arabia and its Organization of the Petroleum Exporting Countries (OPEC) partners pump more oil to help bring down the high cost of gasoline and ease the highest US inflation rate in 40 years.
The US national security adviser on Friday had downplayed expectations ahead of the meeting, saying he did not expect Saudi Arabia to immediately boost oil output and would rather look at the outcome of an OPEC+ meeting on August 3.
“I don’t think you should expect a particular announcement here bilaterally because we believe any further action taken to ensure that there is sufficient energy to protect the health of the g …

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