OPEC+ agrees to boost oil production; Biden to visit Saudi Arabia, says reports

OPEC+ agrees to boost oil production; Biden to visit Saudi Arabia, says reports

Washington - President Joe Biden is leaning towards visiting Saudi Arabia in the coming weeks, as OPEC+ announced Thursday it will pump more oil amid skyrocketing energy costs around the globe.

“Saudi Arabia demonstrated courageous leadership by taking initiatives early on to endorse and implement terms of the U.N.-led truce,” Biden said in a statement, praising the Saudi government for agreeing to a 60-day extension of the cease-fire in its eight-year old war with Yemen was announced Thursday.

Appeals from the U.S. and its allies for the OPEC+ group — OPEC nations plus Russia — to boost production more appeared to bear results Thursday. OPEC nations announced they would raise production by 648,000 barrels per day in July and August, offering modest relief for a struggling global economy.

The increase did not appear to ease concerns about tight supply. Oil prices rose after OPEC+ announced the increase.

The White House is weighing a visit that would also include a meeting of the leaders of the Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) as well as Egypt, Iraq and Jordan, according to a person familiar with White House planning, as told to AP.

Any meeting between Biden and Saudi ruler Prince Mohammed bin Salman during a Biden visit to the Middle East could offer hope of some relief for U.S. gasoline consumers.

White House press secretary Karine Jean-Pierre on Wednesday declined to comment on whether Biden will travel to Saudi Arabia. He is expected to travel to Europe at the end of June and could stop in Saudi Arabia to meet with Prince Mohammed, Saudi King Salman and other leaders. If he does, Biden would also likely visit Israel.
-AP

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