US, Saudi Arabia pledge moves to stabilize global energy markets

US, Saudi Arabia pledge moves to stabilize global energy markets

The United States and Saudi Arabia have conveyed their interest and devotion to securing the stability of global energy markets.

US President Joe Biden held talks with Saudi Crown Prince Mohammed bin Salman and other top Saudi officials in Jeddah. In a joint statement carried out by the Saudi state news agency (SPA), the US welcomed Riyadh’s dedication to supporting balanced international oil markets to attain sustainable economic growth. The two countries agreed to strategically collaborate as partners in dealing with climate and energy issues and would consult often on global energy markets in the short and long term.

Experts have said Biden was eager to travel to Saudi Arabia based on his energy interest and to see Saudi Arabia and its Organization of the Petroleum Exporting Countries (OPEC) partners generate more oil to help reduce the high cost of gasoline and bring down the highest US inflation rate in four decades. However, The US national security adviser said he did not expect Saudi Arabia to take any immediate action to boost oil output and would rather wait for an OPEC+ meeting on August 3.

This was Biden’s first visit to the Kingdom after becoming the president of the USA.