US President Joe Biden and the head of the Kingdom of Saudi Arabia (KSA), King Salman bin Abdulaziz Al Saud, agreed to ensure the stability of global energy supplies during telephone conversations on Wednesday, February 9.
“The leaders discussed issues relating to the Middle East and Europe and agreed that their teams will work closely together in the coming weeks and months. Both leaders reaffirmed the commitment of the United States and Saudi Arabia to ensure the stability of global energy supplies,” informed The White house.
Biden assured the king of Saudi Arabia of his support for the country’s efforts to protect the people and territory from the encroachments of Yemen’s Houthi rebels and promised to prevent Iran from obtaining nuclear weapons.
The head of the White House noted that multilateral negotiations to restore restrictions on Iran’s nuclear program are ongoing.
At the end of January, experts linked the rise in oil prices with the aggravation of the situation in the Middle East. The price of Brent oil futures rose due to the fact that the market was nervous amid possible disruptions in oil supplies after the Yemeni Houthis attacked Abu Dhabi.
At the end of November 2021, Biden announced the release of 50 million barrels of oil from strategic reserves. A similar decision was made by the following countries: China, India, Japan, South Korea and the UK. The use of additional fuel reserves is necessary to lower fuel prices for Americans, as well as to balance supply and demand in the post-pandemic market, Biden said.
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