Saudi Arabia keeps lid on oil output as US gas prices rise

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.

Saudi Arabia will not push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels, according to media reports.

This has concerned Washington as gasoline prices rise and tensions with Russia over Ukraine fuel market uncertainty.

The U.S. administration dispatched Brett McGurk, the National Security Council's Middle East coordinator, and the State Department's energy envoy, Amos Hochstein, to Riyadh on Feb. 16 to talk about a range of issues - chief among them the ongoing war in Yemen and global energy supplies.

On Feb. 17, Emily Horne, the spokesperson for the White House National Security Council, said the officials discussed a "collaborative approach" with the Saudis to manage potential market pressures stemming from a possible Russian invasion of Ukraine.

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.

The Saudi and Russian-led alliance, known as OPEC+, calls for gradual increases to oil production as the world continues to emerge from the pandemic, but geopolitical events have been rapidly evolving and driving market volatility.

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