Biden unlikely to secure lower oil prices from Saudi Arabia

Saudi Arabia and the other Gulf Cooperation Council (GCC) members probably do not have much spare capacity to raise output by a significant amount for more than a few months.

LONDON: U.S. President Joe Biden has called on Saudi Arabia and other Gulf producers to increase their oil output to help stabilise prices, which have surged as a result of a strong rebound in consumption after the pandemic and now sanctions on Russia.

But Saudi Arabia and the other Gulf Cooperation Council (GCC) members probably do not have much spare capacity to raise output by a significant amount for more than a few months.