The Saudi Minister of State for Foreign Affairs, Adel al-Jubeir, revealed that U.S. President Joe Biden did not pressure Riyadh to increase its oil production, emphasizing his country's commitment "to maintaining market stability." In an interview with CNN, when asked whether Biden had requested Saudi Arabia to increase oil production in hopes of reducing fuel prices in the U.S., al-Jubeir stated, "Not specifically, because the president understands that the energy issue relates to supply and demand. It is a matter of market balance. Saudi Arabia is committed to ensuring stability in oil markets. The U.S. government is aware of that."
He continued: "The issue of fuel price increases we have seen recently is primarily due to geopolitical and psychological factors rather than being solely related to basic supply and demand. The problem with fuel in the United States is more a result of a lack of refining capacity than a shortage of crude oil."
Regarding Saudi Arabia's readiness to increase its oil production, al-Jubeir mentioned, "Saudi Arabia has made it clear over the past decades that it seeks to ensure market stability, examining the fundamentals of supply and demand and operating within OPEC and now within OPEC+ to ensure sufficient crude oil supply to markets."
He added, "Saudi Arabia significantly increased its oil production over the past year in accordance with market demands, and this situation is continuously evaluated by our Ministry of Energy and experts in the field to determine whether more oil is needed or not."
Al-Jubeir affirmed that "the president (Biden) does not pressure us on this issue, and he understands that Saudi Arabia is keen on maintaining market stability. The president did not come here to pressure Saudi Arabia. He came here to meet with one of America's most important allies in the world and in the region. We face common challenges that we need to work together to overcome."
U.S. news agency Bloomberg reported, citing informed sources, that Biden, who held talks yesterday with Saudi Crown Prince Mohammed bin Salman and will participate in a meeting with Gulf and Arab leaders today, will leave the Middle East without an immediate announcement regarding an increase in oil supplies. Prior to his visit to the region, Biden mentioned that Saudi authorities were working with the U.S. administration to increase oil supplies to the global market and reduce oil prices.
