Saudi FM: OPEC+ Will Do What is Necessary After Assessing Market Conditions

Saudi FM: OPEC+ Will Do What is Necessary After Assessing Market Conditions

OPEC+ will continue to assess market conditions and do what is necessary as a result of a US-Arab summit on Saturday, according to Saudi Arabia’s foreign minister, Reuters reported.

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

President Joe Biden will discuss energy security with Gulf oil producers during his visit and hopes to see more action by OPEC+ to boost output, but it is unlikely that there will be any bilateral announcements.

The US is pushing Saudi Arabia and its OPEC partners need to pump more oil to tame oil prices. On Aug. 3, OPEC+, which includes Russia, will hold another meeting.

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