Saudi Arabia, US to discuss increasing oil production

Saudi Arabia may begin to increase oil production if hydrocarbon prices remain high.

Riyadh's move is aimed at gaining Congressional support for the agreement, The Wall Street Journal reports.

Under the agreement, Saudi Arabia is expected to recognize Israel and restore the defence agreement with the United States.

Representatives of the American authorities, including the State Department's senior adviser for global energy security, Amos Hochstein, have already visited Saudi Arabia. The American side indicated to the royal authorities that the situation with rising fuel prices would negatively affect Washington's support for Riyadh.

The Saudi authorities explained that they intend to base the issue of oil production volumes on the current state of the market.