Dammam: Saudi Minister of State for Foreign Affairs Adil Al Jubair said that the production will be increased only if there is a decrease in oil supply in the market. A decision in this regard will be taken only after considering the opinions of the OPEC countries. Oil production will be determined by the market. Adil Aljubair’s statement came after US President Joe Biden said in Jeddah on Friday that he would do everything possible to get more oil to the market and to his country.
In the context of Joe Biden’s visit, he clarified the Saudi position on oil in an interview granted to the local media.
In a joint statement, the two countries reiterated their commitment to a sustainable global energy market. The US welcomed Saudi Arabia’s commitment to balancing the global oil market for sustainable economic growth.
Recognizing Saudi Arabia’s key role in solving the future energy crisis, the two countries decided to work together on climate and energy transition initiatives. Along with this, it has also been decided to hold regular consultations on global energy markets in the long term. It is estimated that the cooperation of the world’s most important oil producing country and consuming country will help to form strength in the energy sector.
The United States also welcomed the country’s commitment to support a balanced global oil market to achieve sustainable economic growth. Saudi Arabia and the US have also decided to strengthen cooperation in areas such as 5G networks, cyber security, space exploration and public health. Biden also welcomed Saudi Arabia’s recent signing of the NASA-led Artemis agreement, a space exploration agreement.