US President Joe Biden’s visit in recent days to top oil exporter Saudi Arabia ended without any announcements that the kingdom would raise oil production to help lower fuel prices which are spurring the highest US inflation in four decades.
Top US energy envoy Amos Hochstein told a television programme on Sunday that major producers with spare capacity are likely to raise output in the coming weeks, based on discussions held during Biden’s visit.
Saudi Crown Prince Mohammed bin Salman said that unrealistic emission policies would lead to unprecedented levels of inflation, calling for increasing investments in fossil fuels and clean energy technologies alike.
