OPEC+ will assess oil market and do what is necessary, say Saudi foreign minister

Saudi Arabia's foreign minister said a U.S.-Arab summit on Saturday did not discuss oil and that OPEC+ would continue to assess market conditions and do what is necessary. “There was no oil discussion at the summit,” Prince Faisal bin Farhan Al Saud told a news conference, adding there were discussions with the United States and consumer nations about crude all the time.

Saudi Arabia's foreign minister said a U.S.-Arab summit on Saturday did not discuss oil and that OPEC+ would continue to assess market conditions and do what is necessary.

"There was no oil discussion at the summit," Prince Faisal bin Farhan Al Saud told a news conference, adding there were discussions with the United States and consumer nations about crude all the time. U.S. officials said President Joe Biden would discuss energy security with leaders of Gulf oil producers during his visit and hoped to see more action by OPEC+ to boost output, but there was unlikely to be any bilateral announcements from the talks.

The United States is eager to see Saudi Arabia and its OPEC partners pump more oil to help tame crude prices. OPEC+, which also includes Russia, meets next on Aug. 3.