Saudi Arabia and some of its oil-producing allies have offered to cut crude output, much to the chagrin of US officials who expect the kingdom to be instrumental in cooling the market after President Biden meets Crown Prince Mohammed bin Salman first time in office.
The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and a coalition of producers led by Russia – known collectively as OPEC+ – agreed to a smaller-than-expected increase in output at the beginning of the month. 8. Now, Saudi Arabia’s Energy Minister and some OPEC officials have suggested that the alliance can extract fewer barrels of oil to stabilize the market affected by economic uncertainty, the risk of recession. global and energy sanctions caused by the Ukraine war.
