WASHINGTON – Saudi Arabia has claimed the US has requested to cut oil production until after the midterm elections – and its denial of cuts meant it was taking Russia’s side in its war against Ukraine.
In a statement on Wednesday night, the Saudi Foreign Ministry said the decision by the OPEC+ cartel to reduce production by 2 million barrels per day from next month was made in a “purely economic context”.
However, Riyadh acknowledged that it had made it clear to the White House that “all economic analysis indicates that postponing the OPEC+ decision for another month, which has been suggested, would have negative economic consequences.” “
The Wall Street Journal reported early on Tuesday that the Saudis had rejected the Biden administration’s pleas to push back a production cut, which is set to spur gas prices ahead of the November 8 election.
Saudi’s statement also rejected Tuesday’s claim by White House Press Secretary Karine Jean-Pierre. OPEC+’s October 5 “Align” Action[ed] Their energy policy is aimed at Russia’s war and against the American people.”
,[T]These statements … are not based on facts, and … are based on portraying the OPEC+ decision from its purely economic context.”
“Saudi Arabia confirms that any attempt to distort facts about the Kingdom’s position in relation to the crisis in Ukraine is unfortunate, and will not change the principled position of the Kingdom,” the ministry said.
“The state emphasizes that while it seeks to maintain the strength of its relations with all friendly countries, it will avoid any attempts to distort its noble objectives to protect the global economy from oil market volatility. confirms the denial of orders, actions or attempts,” it added.
The Wall Street Journal initially reported that Saudi Arabia had rejected the Biden administration’s pleas to push back on the production cuts.
Ahead of the November 8 election, the turmoil in oil production is set to raise gas prices.
In response, National Security Council spokesman John Kirby called the Saudi statement “spin”.
“The Saudi foreign ministry may try to spin or distract, but the facts are simple: the world is rallying behind Ukraine in countering the Russian aggression,” he said in a statement. “In recent weeks, the Saudis have conveyed to us – privately and publicly – their intention to reduce oil production, which they knew would increase Russian revenues and blunt the effectiveness of sanctions.”
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