White House announces oil deal with Saudi Arabia

Saudi Arabia, following meetings with US officials, has committed itself to maintaining the balance of the global oil market in order to ensure sustainable economic growth, the White House said on Friday.

“Saudi Arabia is committed to balancing the global oil market for sustainable economic growth. The United States has welcomed a 50 percent increase in oil production compared to the volumes planned for July and August. These and further steps that we expect in the coming weeks will help significantly stabilize markets,” the White House said in a white paper following US President Joe Biden’s meetings with royal officials in Jeddah.

Along with this, Washington and Riyadh announced the expansion of cooperation in the field of cybersecurity, which includes „the exchange of data on threats in this area and the actions of malefactors in order to strengthen the overall protection of the two countries.” The United States and Saudi Arabia have agreed to work closely together to share best practices, technologies, tools, and approaches to cyber education, the White House said.

Another key outcome of the contacts was that Saudi Arabia opened airspace „to all civil aircraft flying to and from Israel, based on the principles of the Chicago Convention of 1944.”

„This decision represents an important step towards building a more integrated Middle East, more interconnected with the rest of the world,” the US administration said.

US President Joe Biden is currently on his first official visit to Saudi Arabia as part of his Middle East tour. On Friday, he held a meeting with the leader of the kingdom, as well as negotiations with the crown prince as part of the delegations. He has a separate bilateral meeting scheduled for Saturday with the Crown Prince.

Steve Walker

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