Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

US, Saudi Arabia pledge moves to stabilise global energy markets

US, Saudi Arabia pledge moves to stabilise global energy markets

A joint statement by the two nations was released after US President Joe Biden held talks with top Saudi officials, including Crown Prince Mohammed bin Salman.

The United States and Saudi Arabia have expressed their commitment to ensuring the stability of global energy markets.

In a joint statement carried by Saudi state news agency (SPA) after US President Joe Biden held talks with senior Saudi officials on Friday, the US welcomed Riyadh’s commitment to support balanced global oil markets to achieve sustainable economic growth.

The two countries agreed on consulting regularly on global energy markets in the short and long term and work together as strategic partners in climate and energy transition, according to the statement.

Experts have said energy interests have pushed Biden to travel to the kingdom, his first visit to the Middle East since becoming the US president.

The US is eager to see Saudi Arabia and its Organization of the Petroleum Exporting Countries (OPEC) partners pump more oil to help bring down the high cost of gasoline and ease the highest US inflation rate in 40 years.

The US national security adviser on Friday had downplayed expectations ahead of the meeting, saying he did not expect Saudi Arabia to immediately boost oil output and would rather look at the outcome of an OPEC+ meeting on August 3.

“I don’t think you should expect a particular announcement here bilaterally because we believe any further action taken to ensure that there is sufficient energy to protect the health of the global economy, it will be done in the context of OPEC+,” Jake Sullivan said.

Biden noted during his brief Friday afternoon news conference that oil prices have been dropping since before his trip to the Middle East, saying the potential effects of his visit to Saudi Arabia on the energy market would not be felt “for another couple of weeks”.

Spare capacity within OPEC is running low, with most producers pumping at maximum capacity. It is unclear how much extra supply Saudi Arabia could bring to the market and how quickly.

OPEC+ decided last month to increase output targets by 648,000 barrels per day (bpd) in August, ending record production cuts that it brought at the height of the pandemic to counter collapsing demand.




Energy deals


Biden’s visit resulted in the signing of 18 partnership agreements in fields including energy, communications, space and healthcare, Saudi state TV al-Ekhbariya reported.

Among them were agreements in clean energy projects, nuclear energy and uranium, according to SPA, as well as deals with US aerospace and defence firms Boeing and Raytheon and healthcare companies Medtronic, Digital Diagnostics, and IQVIA.

Gulf OPEC members are investing in renewable and clean energy while also stressing the continued importance of hydrocarbons for global energy security at a time of growing calls for a shift away from fossil fuels.

Washington and Riyadh also agreed on the importance of stopping their mutual foe Iran from acquiring a nuclear weapon further deterring its interference in “the internal affairs of other countries”.

The statement said Biden affirmed the United States’ continued commitment to supporting “Saudi Arabia’s security and territorial defense, and facilitating the Kingdom’s ability to obtain necessary capabilities to defend its people and territory against external threats”.

In 2015, Iran signed a deal with six major powers to limit its nuclear programme to make it harder to obtain a weapon in exchange for relief from economic sanctions. Iran says its nuclear programme seeks only civilian atomic energy.

In 2018, then-US President Donald Trump pulled the United States out of the pact, saying it was insufficient to keep Iran from developing nuclear weapons.

Iran has since ramped up some nuclear activities, putting a ticking clock on an attempt to return to a deal in talks between Western powers and Tehran in Vienna.



Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×