Saudi Arabia is signaling it isn't willing to pump more oil and won't push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels.
Two Saudi officials told The Associated Press the Saudi energy minister informed the Organization of the Petroleum Exporting Countries, or OPEC, of the kingdom’s commitment to the group’s current roadmap of cautious monthly increases. They spoke anonymously because they were not authorized to brief journalists.
King Salman also said as much in a call last week with President Joe Biden. According to a Saudi readout of the call, the king highlighted the “the importance of maintaining the agreement" that is in place between OPEC, the oil cartel led by Saudi, and Russia.
