A day after President Biden threatened “there will be consequences” for OPEC+’s decision to reduce its production target by 2 million bpd, Saudi Arabia came out with a statement that expressed “its total rejection” of Biden’s and other statements from Washington with regard to the decision.
“The Government of the Kingdom of Saudi Arabia would first like to express its total rejection of these statements that are not based on facts, and which are based on portraying the OPEC+ decision out of its purely economic context. This decision was taken unanimously by all member states of the OPEC+ group,” the statement, from the Foreign Ministry, said.
It comes in response to calls from Democratic Congressmen to punish Saudi Arabia for this decision by suspending U.S. arms sales to the Kingdom and President Biden being said to re-examine all aspects of the U.S.-Saudi relationship.
“There is a range of interests and values that are implicated in our relationship with that country,” national security adviser Jake Sullivan told reporters this week, as quoted by CNN.
“The President will examine all of that. But one question he’s going to ask is: Is the nature of the relationship serving the interest and values of the United States and what changes would make it better serve the interests and values?”
Saudi Arabia made a point of insisting that the OPEC+ decision was one made by more than one country and on purely economic grounds.
“The Kingdom affirms that the outcomes of the OPEC+ meetings are adopted through consensus among member states, and that they are not based on the unilateral decision by a single country.
“These outcomes are based purely on economic considerations that take into account maintaining balance of supply and demand in the oil markets, as well as aim to limit volatility that does not serve the interests of consumers and producers, as has been always the case within OPEC +,” the Foreign Ministry statement said.
By Irina Slav for Oilprice.com
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