Saudi Arabia says OPEC+ oil cut ‘purely economic’

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Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite US objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences.

The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

US President Joe Biden pledged earlier this week that “there will be consequences” for US relations with Saudi Arabia after OPEC+ said last week it would cut its oil production target by 2 million barrels per day.

The Saudi foreign ministry statement on Thursday referred to consultations with the United States prior to the Oct. 5 OPEC+ meet ing in which it was asked to delay the cuts by a month. “The Kingdom clarified through its continuous consultations with the US administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested would have had negative economic consequences,” the Saudi foreign ministry statement said.

 

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