ABU DHABI, United Arab Emirates (AP) — Saudi Arabia and the United Arab Emirates on Monday defended a resolution through OPEC and its allies to cut oil production, even as a U. S. envoy warned of “looming economic uncertainty” in the world.
Although cordial, comments from the Abu Dhabi International Oil Expo and Conference showed the surprising gap between the U. S. and the U. S. and the U. S. The US and Persian Gulf countries are militarily in the Greater Middle East. U. S. politicians have already threatened to close arms deals with the kingdom and described it. how to side with Russian President Vladimir Putin in the midst of his war with Ukraine.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman alluded to this in remarks at the event.
“We still don’t owe it to anyone,” the prince said to applause, noting that the next U. N. climate replacement summits will be held in Egypt and the United Arab Emirates. “This has been done for us, through us, for our future. “, and we’ll have to dedicate ourselves to it. “
UAE Energy Minister Suhail al-Mazrouei echoed this defense. While he said OPEC and its allies are “just a phone call away if the demands are there” to boost output, he did not suggest such a seasoning would be underway in the short term.
“I can assure you that we in the UAE, as well as our colleagues in OPEC, are ready to satisfy the global desires you want,” al-Mazrouei said. “But at the same time, we are the only manufacturers globally. “
OPEC and a loose confederation of other Russian-led countries agreed in early October to cut output by 2 million barrels of oil per day in November.
OPEC, led by Saudi Arabia, insisted its resolution stems from considerations about the global economy. Analysts in the U. S. The U. S. and Europe warn that a recession is looming in the West due to inflation and the resulting interest rate hikes, as well as food and oil affected by Russia’s war with Ukraine.
“The economy is on a knife’s edge,” said Sultan Ahmed Al Jaber, chief executive of state-owned Abu Dhabi National Oil Co.
Meanwhile, U. S. politicians are not working on the agenda. U. S. officials reacted angrily to a move that could keep gasoline costs at the highest levels. An average gallon of regular gasoline in the U. S. The U. S. economy now costs $3. 76, up from the record $5 per gallon in June, but still high enough to affect consumers. Portfolios. Benchmark Brent crude oil stood at $95 a barrel on Monday.
“I think at the end of the day, we face economic uncertainty on a global scale,” said Amos Hochstein, the U. S. envoy of the country. “U. S. for energy issues. ” Energy costs should be set in ways that allow for economic growth. If they are not. . . They will rise too high and drive an economic slowdown, which in the end will be the only thing that will be bad for energy demand on its own.
Hochstein declined to speak to The Associated Press after being leveled at the Abu Dhabi event.
U. S. President Joe Biden, who visited Saudi Arabia in July and punched Crown Prince Mohammed bin Salman before a meeting, warned the kingdom that “there will be consequences for what they did. “
Saudi Arabia retaliated and said publicly that Biden’s management is seeking to delay OPEC’s cuts for a month, which could help reduce the threat of a surge in gas prices ahead of the Nov. 8 U. S. midterm elections.
The tug-of-war between Riyadh and Washington shows how tense relations between the two countries have remained since the horrific 2018 killing of Washington Post columnist Jamal Khashoggi at the hands of Saudi security forces. The assassination was carried out on the orders of Prince Mohammed.
The Soufan Center, a New York-based think tank, said Monday it gave the impression that “trust and mutual respect between the United States and Saudi Arabia seem to have reached an all-time low” amid the dispute.
“The appointments between the United States and Saudi Arabia may fundamentally evolve into an almost purely transactional relationship, characterized by a ‘strategic drift,’ as Riyadh continues to act against its own interests, a resolution born of rancor, strategy,” the outlet said.
“If Saudi Arabia votes against cutting production, it will lead to a new break with the United States and sign Riyadh’s development towards Moscow,” he added.
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