Saudi Arabia is signaling it isn't willing to pump more oil and won't push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels.
DUBAI, United Arab Emirates — Saudi Arabia is signaling it isn't willing to pump more oil and won't push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels.and tensions with Russia over Ukraine fuel market uncertainty.
Asked by reporters in Washington whether the U.S. officials were also urging Saudi Arabia to pump more crude to alleviate high oil prices, White House press secretary Jen Psaki said she did not have more details on the meeting. On Thursday, Emily Horne, the spokesperson for the White House National Security Council, said the officials discussed a “collaborative approach” with the Saudis to manage potential market pressures stemming from a possible Russian invasion of Ukraine.
King Salman also said as much in a call last week with President Joe Biden. According to a Saudi readout of the call, the king highlighted the “the importance of maintaining the agreement" that is in place between OPEC, the oil cartel led by Saudi, and Russia., but geopolitical events have been rapidly evolving and driving market volatility.Higher prices at the pump pose a threat to Democrats at the polls in upcoming midterm elections.
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