Saudi Oil Boost, Yemen Truce Set Stage for Biden Visit to Kingdom
The partners known as OPEC+ plan a bigger-than-expected production increase of 648,000 barrels a day in July and August
Saudi Arabia took steps Thursday to boost oil production and extend a truce with Iran-backed forces in Yemen, two significant moves that help pave the way for President Biden to visit the kingdom later this month as the two countries try to reset their strained relationship.
Saudi-led OPEC and its allies agreed to a bigger-than-expected oil-production increase, allowing Riyadh to potentially pump more crude. At the same time, Saudi Arabia agreed to extend a two-month-old cease-fire with Iran-backed Houthi fighters in Yemen, where the kingdom has been entangled in a costly and unpopular seven-year-old war.