Against the background of sanctions on Russia: Saudi-led oil producers will increase production rates

Following Biden's pressure, countries will increase production by about 200,000 barrels a day starting in July.

For a long time the Saudis refused the American request, but after a visit by Biden advisers to Riyadh last week they changed direction.

The White House welcomed the move that paved the way for the US President to visit Saudi Arabia

Lightning Ravid

02/06/2022

Thursday, 02 June 2022, 17:10 Updated: 17:41

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In the video: Saudi Crown Prince adopts conciliatory tone towards Iran (Photo: Reuters)

The group of countries that produce oil, OPEC +, which is headed by Saudi Arabia, announced today (Thursday) that starting in July, it will increase oil production by about 200,000 barrels per day.

The rationale for the decision is Western sanctions on Russian oil that are expected to cause a shortage in the global oil market.

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To the full article

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Accepted Biden's request.

Saudi Crown Prince (Photo: Reuters)

why is it important

• Increasing oil production was at the request of US President Joe Biden of Saudi Arabia.

  The Saudis rejected the request for a long time.

• Last week published in Walla!

  Because two of Biden's senior advisers visited Saudi Arabia to discuss the issue of oil production and the preparation of the president's visit.

• Saudi Arabia's move to increase oil production paves the way for President Biden's visit to Saudi Arabia in late June following his planned visit to Israel.

What are they saying

• White House spokeswoman Karin Jean-Pierre welcomed the move and praised Saudi Arabia as chair of the OPEC + group in reaching a decision to increase oil production by consensus. She also praised the UAE, Kuwait and Iraq that were partners in the move.

Will be visiting Saudi Arabia.

Biden (Photo: Reuters)

• "The United States will continue to use all the tools at its disposal to address world oil prices," a White House spokeswoman said.

The big picture

• President Biden needs to increase oil production to try and bring down the price of fuel in the United States ahead of the midterm congressional elections in November.

• The rise in fuel prices has led to an overall rise in prices in the United States and a deterioration in the economic situation in the country.

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Tags

• Saudi Arabia

• Joe Biden

• fuel