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Saudi to press OPEC+ to boost oil production at upcoming summit

According to a reporter for Fox Business, Saudi Arabia will urge OPEC+ to boost oil production at a meeting on Wednesday.

 

When the two met on July 16, Saudi King Salman bin Abdulaziz reportedly gave U.S. President Joe Biden a guarantee regarding the production increase.

 

Following President Joe Biden’s trip to the Middle East last month, the White House has stated that it expects major oil producers in the OPEC+ coalition to increase crude production.

 

Prince Faisal bin Farhan Al Saud, the foreign minister of Saudi Arabia, said that the U.S.-Arab summit on Saturday did not cover oil and that OPEC+ will continue to monitor market conditions and take appropriate action.

 

On August 3, OPEC+, which also includes Russia, will convene.

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