Jeddah: Saudi Minister of State for Foreign Affairs Adel Al-Jubeir has said Saudi Arabia would increase oil production only if there is a shortage of supply in the market.
Speaking to the media early Saturday, Al-Jubeir said Saudia would coordinate its production decisions with OPEC and the OPEC+ group members.
Al-Jubeir said, “The market will continue to determine oil output.” He added that Saudi Arabia would not increase oil production without any supply shortage.
Al-Jubeir’s statement came after US President Joe Biden told a press conference in Jeddah on Friday that he would do everything in his means to get more oil to the market and his country.
The two countries reaffirmed their obligation to a stable global energy market in a joint statement. The US welcomed Saudi Arabia’s commitment to supporting global oil markets and balancing for sustained economic growth.
Both sides decided to consult regularly on global energy markets in the near- and long-term.
They also agreed to work together as strategic partners in climate and energy transition initiatives and to recognize Saudi Arabia’s leading role in the future of energy.