efficentupup wrote a post · Jun 6, 2022 17:21

Biden Set To Visit Saudi Arabia To Discuss High Oil Prices

In a U-turn from his previous position on Saudi Arabia, U.S. President Joe Biden is set to visit the world’s top crude oil exporter later this month, as soaring oil prices continue to increase the pain at the pump for American consumers who pay record-high prices for gasoline.

The decision for Biden’s visit comes after the OPEC+ group led by Saudi Arabia on Thursday decided to accelerate the monthly production increases to 648,000 barrels per day (bpd) in July and August, from the 432,000 bpd monthly hikes so far.

President Biden will likely travel to Saudi Arabia later in June, although details have not been finalized yet, a source with knowledge of the preparations said Friday.

Will this affect the price of oil? What are your thoughts on this??

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