No announcement on increased oil production expected from Biden's Saudi Arabia trip
CBSN
No announcements on increasing oil production by the Saudis are expected to emerge from President Biden's trip to Saudi Arabia this week, says national security adviser Jake Sullivan.
Mr. Biden "will certainly" be discussing energy security when he meets with the leaders of nine countries in Saudi Arabia Friday and Saturday for the Gulf Cooperation Council plus Egypt, Iraq and Jordan, known as the GCC+3, Sullivan told reporters on Air Force One Friday. But any decisions to further boost oil production will come from OPEC+, which Saudi Arabia co-chairs. OPEC member countries produce roughly 40% of the globe's crude oil, according to the U.S. Energy Information Administration.
"We will discuss energy security at this meeting," Sullivan said on Air Force One Friday. "The president discusses it in Europe, when he's in Asia, and he certainly will be discussing it here in the Middle East and here in Saudi Arabia. Just to take a step back before we announced the trip, you saw an announcement from OPEC+ on accelerating and increasing production. We will discuss the issue here and we are hopeful that we will see additional actions by OPEC+ in the coming weeks."
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