|
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.
U.S. President Joe Biden pledged earlier this week that "there
will be consequences" for U.S. relations with Saudi Arabia after
OPEC+ said last week it would cut its oil production target by 2
million barrels per day.
OPEC+, the producer group comprising the Organization of the
Petroleum Exporting Countries (OPEC) plus allies including
Russia, announced its new production target after weeks of
lobbying by U.S. officials against such a move.
The OPEC+ cut has raised concerns in Washington about the
possibility of higher gasoline prices ahead of the November U.S.
midterm elections, with the Democrats trying to retain their
control of the House of Representatives and Senate.
The Saudi foreign ministry statement on Thursday referred to
consultations with the United States prior to the Oct. 5 OPEC+
meeting in which it was asked to delay the cuts by a month.
"The Kingdom clarified through its continuous consultations with
the U.S. 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.
The United States accused Saudi Arabia of kowtowing to Moscow,
which objects to a Western cap on the price of Russian oil in
response to its invasion of Ukraine.
The Saudi foreign ministry statement, quoting an unnamed
official, stressed the "purely economic context" of the oil cut.
It also said the kingdom views its relationship with the United
States as a "strategic one" and stressed the importance of
mutual respect.
The Gulf Cooperation Council (GCC) issued a statement in support
of Saudi Arabia's comments praising the kingdom's efforts to
protect the market from volatility.
(Reporting by Ahmad Elhamy, Moaz Abd-Alaziz and Maha El Dahan;
Editing by Jacqueline Wong, Tom Hogue and Jane Merriman)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
