Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

US, Saudi Arabia pledge moves to stabilise global energy markets

US, Saudi Arabia pledge moves to stabilise global energy markets

A joint statement by the two nations was released after US President Joe Biden held talks with top Saudi officials, including Crown Prince Mohammed bin Salman.

The United States and Saudi Arabia have expressed their commitment to ensuring the stability of global energy markets.

In a joint statement carried by Saudi state news agency (SPA) after US President Joe Biden held talks with senior Saudi officials on Friday, the US welcomed Riyadh’s commitment to support balanced global oil markets to achieve sustainable economic growth.

The two countries agreed on consulting regularly on global energy markets in the short and long term and work together as strategic partners in climate and energy transition, according to the statement.

Experts have said energy interests have pushed Biden to travel to the kingdom, his first visit to the Middle East since becoming the US president.

The US is eager to see Saudi Arabia and its Organization of the Petroleum Exporting Countries (OPEC) partners pump more oil to help bring down the high cost of gasoline and ease the highest US inflation rate in 40 years.

The US national security adviser on Friday had downplayed expectations ahead of the meeting, saying he did not expect Saudi Arabia to immediately boost oil output and would rather look at the outcome of an OPEC+ meeting on August 3.

“I don’t think you should expect a particular announcement here bilaterally because we believe any further action taken to ensure that there is sufficient energy to protect the health of the global economy, it will be done in the context of OPEC+,” Jake Sullivan said.

Biden noted during his brief Friday afternoon news conference that oil prices have been dropping since before his trip to the Middle East, saying the potential effects of his visit to Saudi Arabia on the energy market would not be felt “for another couple of weeks”.

Spare capacity within OPEC is running low, with most producers pumping at maximum capacity. It is unclear how much extra supply Saudi Arabia could bring to the market and how quickly.

OPEC+ decided last month to increase output targets by 648,000 barrels per day (bpd) in August, ending record production cuts that it brought at the height of the pandemic to counter collapsing demand.




Energy deals


Biden’s visit resulted in the signing of 18 partnership agreements in fields including energy, communications, space and healthcare, Saudi state TV al-Ekhbariya reported.

Among them were agreements in clean energy projects, nuclear energy and uranium, according to SPA, as well as deals with US aerospace and defence firms Boeing and Raytheon and healthcare companies Medtronic, Digital Diagnostics, and IQVIA.

Gulf OPEC members are investing in renewable and clean energy while also stressing the continued importance of hydrocarbons for global energy security at a time of growing calls for a shift away from fossil fuels.

Washington and Riyadh also agreed on the importance of stopping their mutual foe Iran from acquiring a nuclear weapon further deterring its interference in “the internal affairs of other countries”.

The statement said Biden affirmed the United States’ continued commitment to supporting “Saudi Arabia’s security and territorial defense, and facilitating the Kingdom’s ability to obtain necessary capabilities to defend its people and territory against external threats”.

In 2015, Iran signed a deal with six major powers to limit its nuclear programme to make it harder to obtain a weapon in exchange for relief from economic sanctions. Iran says its nuclear programme seeks only civilian atomic energy.

In 2018, then-US President Donald Trump pulled the United States out of the pact, saying it was insufficient to keep Iran from developing nuclear weapons.

Iran has since ramped up some nuclear activities, putting a ticking clock on an attempt to return to a deal in talks between Western powers and Tehran in Vienna.



AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×