Saudi Minister of State for Foreign Affairs Adel Al-Jubeir has said Saudi Arabia will boost oil production only in case of a supply shortage in the market.
Speaking to the media early Saturday, Al-Jubeir said the decisions on production will be made in coordination with members of OPEC and OPEC+ group.
“The market will continue to determine oil output,” he said, adding that in the absence of any supply shortage, Saudi Arabia will not increase production.
Al-Jubeir’s statement came after US President Joe Biden told a press conference in Jeddah on Friday that he would do all that he could to bring more oil to the market and his country.
In a joint statement, the two countries reaffirmed their commitment to a stable global energy market. The US welcomed Saudi Arabia’s commitment to support global oil markets balancing for sustained economic growth.
Both sides decided to consult regularly on global energy markets in the near- and long-term, as well as work together as strategic partners in climate and energy transition initiatives, recognizing Saudi Arabia’s leading role in the future of energy.