Saudi Arabia has pledged to maintain the balance of the global oil market, and intends to significantly increase production to saturate export markets. This is said in a statement from the White House.
A joint communiqué between U.S. President Joe Biden and Crown Prince Mohammed bin Salman of Saudi Arabia said Washington welcomed Saudi Arabia's commitment to balance the global oil market for sustainable economic growth.
Riyadh also intends to increase oil production levels by 50 percent over the target for July and August. The move is expected to help stabilize global markets significantly.
In total, the U.S. and Saudi Arabia have entered into 18 agreements. They relate to investments, energy, information and communications technology, space and health care.
Recall that Biden is visiting the Middle East this week. Media reports say that he is urging the Israeli prime minister to supply arms to Ukraine. In addition, Biden threatened to use force to keep Iran from nuclear weapons.
