What happened to oil prices after Biden’s visit to Saudi Arabia?

Oil prices rose on Monday amid a weak dollar and limited supplies in global markets, which offset fears of a recession and the possibility of a new shutdown in China due to the Corona virus.

By 09:45 Moscow time, futures for US West Texas Intermediate oil rose 2.59% to $100.12 per barrel.

Brent futures rose 2.70% to $103.89 a barrel, according to Bloomberg.

Earlier, Saudi Arabia, the world’s largest oil exporter, revealed its ability to increase production to 13 million barrels per day on the sidelines of US President Joe Biden’s visit to the kingdom.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud said on Saturday that the kingdom will increase its “production capacity to 13 million barrels per day, after which Saudi Arabia will have no additional capacity to increase production.”

At the appropriate level, Saudi ministers and officials confirmed that decisions on oil policy will be made in accordance with the logic of the market and within the framework of the OPEC + alliance.

Officials stressed that any decision on oil production will be made within OPEC+, which will hold its next decision-making meeting on August 3, 2022.

Source: RT + Bloomberg