Saudi Arabia is ready to increase oil production to conclude a defense deal with the United States

Saudi Arabia has announced to Washington its readiness to increase oil production at the beginning of next year, provided that high prices remain on the market.

Most likely, this step was taken in order to get the support of the American Congress, which will soon consider an international agreement between the United States and Saudi Arabia. The agreement may include recognition of Israel by Riyadh. 

There has been no official recognition of Israel by Saudi Arabia so far, and the establishment of diplomatic relations could radically change the political map of the Middle East.

Additional points of a possible agreement include the supply of weapons from the United States, security guarantees for Saudi Arabia and support in the development of a peaceful nuclear program. If the agreement is concluded, it will be a significant success for the Joe Biden administration before the upcoming elections. 

Nevertheless, Riyadh does not promise that it is ready to make long-term commitments to curb the rise in oil prices. Moreover, Saudi negotiators note that production decisions will be based on market conditions. Earlier it became known about the decision of Saudi Arabia to extend the reduction of oil production by 1 million b/d until the end of 2023. The projected level of oil production in the country by the end of the year will be approximately 9 million b/d.