Saudi Arabia said that postponing OPEC+ decision to cut production would have negative impact for the world.
Saudi Foreign Ministry said, “The Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month would have had negative economic consequences.”
The Kingdom also rejected statements criticizing it after last week’s OPEC+ decision to cut oil supply.
On Oct 5, OPEC+ Members and their allies agreed to cut supply by 2 million barrels a day.
US President Biden, who is struggling to stop Russia profiting from energy sales, had called the decision “shortsighted” after the alliance announced the cuts in Vienna.
Biden promised this week “there will be consequences” for Saudi-US relations because of the OPEC+ move. Saudi Foreign Ministry explained that criticism that the KSA was taking sides in international conflicts or supported the cuts for political reasons was not based on facts.
The ministry said the agreement between OPEC+ nations was unanimous and sought to balance supply and demand to help curb market volatility, adding that Saudi Arabia rejected any attempt to divert it from the goal of protecting the global economy from oil market fluctuations.
Saudi Energy Minister Prince Abdulaziz bin Salman told media after the cuts were announced: “Our current priority is stability in the market in terms of demand and investment.”
