News & Feeds July 17, 2022

Saudis give US no immediate pledge to boost oil output

Saudi Arabia has given the US no concrete commitments on boosting oil output and will only do so if the market is in deficit, state minister of foreign affairs Adel al-Jubeir said in comments aired early Saturday. “Saudi Arabia is committed to stabilizing international oil markets and making sure that the markets are adequately supplied with crude oil,” al-Jubeir said following meetings in Jeddah late on Friday between Saudi Arabia’s King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman and US President Joe Biden. “We do that by consulting with our Opec and Opec+ partners to assess whether there is a need