Published: game. thirteen Oct 2022, 10:28 am
Last updated: game. thirteen Oct 2022, thirteen:26
Saudi Arabia has rejected statements criticizing the Kingdom as “not based on facts” following OPEC’s resolution last week to lower its oil production target despite US objections, saying it serves the interests of consumers and producers.
The resolution was followed by consensus, took into account the balance between source and demand and was aimed at curbing market volatility, Saudi Arabia’s Foreign Ministry said on Thursday.
President Joe Biden vowed earlier this week that “there will be consequences” for the United States with Saudi Arabia after OPEC said last week it would cut its oil production target by 2 million barrels per day.
OPEC, the manufacturers’ organization formed by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, announced its new production target, despite weeks of tension from U. S. officials opposing such a move.
He also referred to consultations with the United States, during which he was asked to delay the cuts for a month.
The OPEC resolution has raised concerns in Washington about the option of a gas price hike just before the U. S. midterm elections. UU. de November, as Biden’s Democrats try to stay in the House and Senate.
Saudi Arabia’s Foreign Ministry on Thursday referred to consultations with the United States ahead of OPEC’s Oct. 5 meeting, at which it was asked to suspend the cuts for a month.
“The Kingdom has clarified through its uninterrupted consultations with the U. S. leadership that it has clarified that it has been necessary to do so. All economic analyses imply that postponing OPEC’s resolution for a month, as suggested, would have had negative economic consequences,” Saudi Arabia’s Foreign Ministry said.
The United States accused Saudi Arabia of listening to Moscow, which opposes a Western cap on the price of Russian oil, in reaction to its standoff with Ukraine.
The statement from Saudi Arabia’s Foreign Ministry, which mentions an unnamed official, highlighted the “pure context” of the oil cut.
Saudi Arabia also said it views its relations with the United States as “strategic” and the importance of mutual respect.
The Gulf Cooperation Council (GCC) issued a report in support of Saudi Arabia’s comments praising the Kingdom’s efforts to protect the market from volatility.
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