OPEC+ will assess oil market and do what is necessary, says Saudi FM – Reuters

Prince Faisal bin Farhan Al Saud says US-Arab summit did not discuss oil

By Reuters

Published: Sat 16 Jul 2022, 7:55 PM

Last update: Sat 16 Jul 2022, 20:58

The Saudi foreign minister said a US-Arab summit on Saturday did not discuss oil and that OPEC+ would continue to assess market conditions and take action.

“There was no discussion about oil at the summit,” Prince Faisal bin Farhan Al Saud told a news conference, adding that there were talks with the United States all the time. States and consuming countries on crude.


US officials said President Joe Biden would discuss energy security with leaders of Gulf oil producers during his visit and hoped to see more action from OPEC+ to increase production, but it was unlikely that there are bilateral announcements following the talks.

The United States is eager to see Saudi Arabia and its OPEC partners pump out more oil to help bring crude prices under control. OPEC+, which also includes Russia, will meet next on August 3.

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