A general view of the Total oil refinery in Antwerp, Belgium on April 21, 2020.
Jonathan Raa | Nurphoto | beautiful pictures
Saudi Arabia has dismissed “not fact-based” claims critical of the kingdom following OPEC+’s decision to cut its oil production target last week despite US objections.
The OPEC+ decision was unanimous and took into account the balance of supply and demand and was aimed at curbing market volatility, Saudi Arabia’s foreign ministry said in a statement on Thursday.
President Joe Biden earlier this week pledged 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 bpd.
OPEC+, a production group that includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, has announced a new output target after weeks of lobbying by US officials against the move. such attitude.
The United States accuses Saudi Arabia of bowing to Moscow, which opposes the West’s lowering of Russian oil prices in response to its invasion of Ukraine.
The statement by the Saudi Foreign Ministry, citing an unnamed official, emphasized the “pure economic context” of the oil cuts.
“The Kingdom has made it clear through ongoing consultations with the US authorities that all economic analysis indicates that a one-month delay in the OPEC+ decision, according to what has been proposed, will negative economic consequences”.
