Amid the ongoing war of words between the United States and Saudi Arabia, on Thursday, the White House claimed that Riyadh pushed other OPEC+ nations for the oil cut announced last week. According to National Security Council spokesman John Kirby, “more than one” expressed their disagreement with Saudi Arabia’s push to cut production and were coerced into the vote.
However, he said that he is not going to say which member nations and let them speak for themselves, said a report by Reuters. The spokesperson also indicated that the US showed them an analysis which indicated that there is no market basis to lower oil production, prior to the decision, which Riyadh claims was a “purely economic” decision.
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The 13-member Organization of the Petroleum Exporting Countries and its allies (OPEC+) also includes Russia. “The Saudi foreign ministry can try to spin or deflect, but the facts are simple,” said Kirby, adding that this output cut would “increase Russian revenues and blunt the effectiveness of sanctions” which have been imposed on Moscow amid its ongoing invasion of Ukraine, earlier this year, said the report.
Reportedly, the aforementioned analysis also showed that the oil cut could have waited till the next OPEC+ meeting. On the other hand, Saudi Arabia’s foreign ministry in a statement asserted that last week’s decision came after reaching a consensus, which also took into account the balance of supply and demand. The aim of this oil cut, the statement claimed, was to curb market volatility.
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The OPEC+ decided last week to cut its production target by two million barrels per day even though the supply of oil in the world is considered to be tight, said the media report. This comes ahead of the US midterm elections which will determine if incumbent President Joe Biden and his Democratic party can retain control of the Congress.
