Saudi Arabia says OPEC+ oil production cuts are purely "economic considerations"

Saudi Arabia issued a statement on Thursday (October 13) rejecting criticism that its oil production cuts were "not based on facts", saying that the oil production cuts were in the interests of
consumers and oil producers.
The Saudi Foreign Ministry said the OPEC+ decision was adopted by consensus, taking into account the balance of supply and demand, and aimed at curbing market volatility
.

This follows OPEC+ saying last week that it would cut its oil production target by 2 million barrels
per day.
Biden declared earlier this week that U.
S
.
relations with Saudi Arabia "will suffer.
"

The United States accuses Saudi Arabia of bowing to Russia, saying it opposes the West imposing a cap
on its oil prices for the Russia-Ukraine conflict.
The Saudi Foreign Ministry statement quoted a senior official as stressing that the cuts stemmed from a "purely economic background.
"

The statement also referred to consultations with the United States, in which the United States called for a one-month
delay in the reduction plan.

As Biden's Democratic Party tries to maintain control of both houses of Representatives, OPEC+ moves have raised concerns
in the United States that gasoline prices may rise ahead of the US midterm elections in November.

"The Kingdom clarified through ongoing consultations with the US government, and all economic analyses indicate that postponing OPEC+ decisions by one month, as previously recommended, would have a negative impact
on the economy," Saudi Arabia said.

Saudi Arabia also said it views its relationship with the United States as a "strategic relationship" and stressed the importance of
mutual respect.