Citing a source with knowledge of the meeting between President Biden and Saudi King, a Fox News reporter tweeted out on Tuesday, saying that the source “tells me Saudis will push OPEC+ to increase oil production at their meeting on Wednesday.”
“Source says the Saudi King made the assurance to President Biden during their face-to-face meeting on July 18,” the Fox News reporter added.
The OPEC and non-OPEC Ministerial Meetings are due to be held on August 3, Wednesday.
Amid the talks of a potential oil output hike, WTI is flirting with daily lows of $92.27, down nearly 1% on the day.