US President Joe Biden held a phone call with Saudi Arabia’s King Salman bin Abdulaziz on Wednesday. The two leaders reportedly discussed issues related to energy supplies amid increasing fuel prices, as well as the latest developments in the region.
The statement issued by the White House following the conversation said, “The two leaders committed to ensuring the stability of global energy supplies.”
Ruling the biggest crude exporter in the OPEC, King Salman emphasized the significance of ensuring balance and stability in the petroleum markets.
During the conversation, King Salman also noted that sustaining OPEC’s supply agreement with its partners, including Russia, which is the group known as OPEC+, is needed.
The Saudi monarch’s warning came following last week’s development that OPEC+ reiterated its commitment to moderate rises in oil output.
Raising in value about 20 percent this year, global crude prices are expected to surpass $100 per barrel due to falling short of mark effects of Omicron variant of coronavirus on demand, analysts have stated.
On Wednesday, international Brent oil prices reached $91,55 per barrel.
While the congressional elections in November are approaching, high oil prices are considered a risk for the Biden administration.
A US source familiar with the issue said, “Saudi Arabia has historically played a vital role in ensuring global energy markets are well supplied to support strong and resilient economies.”
The source, who asked to remain anonymous, also stated that “The president noted that it is especially important now, during this time of geopolitical instability and global recovery.”
According to the White House, during the conversation, Biden also reiterated his country’s commitment to supporting Saudi Arabia against Yemen’s Iranian-backed Houthi group’s attacks.
King Salman told Biden that his country favors a “political resolution” in Yemen.
The US President also gave information to King Salman about the ongoing negotiations on “re-establish constraints on Iran’s nuclear program,” the statement added.
The Biden-Salman call was recorded as the second contact between them since Biden took office.
