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The United States and Saudi Arabia will overcome the recent rift in relations created by the OPEC+ group’s decision to reduce its oil production target by the most since 2020, according to Saudi Arabia’s Investment Minister Khalid al-Falih.
“If you look at the relationship with the people side, the corporate side, the education system, you look at our institutions working together. We are very close and we will get over this recent spat that I think was unwarranted,” al-Falih, who was Saudi Arabia’s Energy Minister when OPEC+ was created, said at the Future Investment Initiative (FII) forum in Riyadh, as carried by Reuters.
Early this month, OPEC+ decided to reduce its crude oil production target by 2 million barrels per day (bpd) as of November—a cut which angered the U.S. Administration.
There will be some consequences for Saudi Arabia for its decision with Russia to steer OPEC+ into a large oil production cut, U.S. President Joe Biden told CNN in an exclusive interview a week after the OPEC+ meeting.
Saudi Arabia, for its part, came out with a statement that expressed “its total rejection” of Biden’s and other statements from Washington with regard to the decision.
Multiple OPEC+ producers have also defended the group’s decision to reduce production, saying they had all agreed this was the course toward oil market stability and that the decision was unanimous. The UAE’s Energy Minister Suhail al-Mazrouei wrote on Twitter, “I would like to clarify that the latest OPEC+ decision, which was unanimously approved was a pure technical decision, with NO political intentions whatsoever.”
This week, Saudi Arabia holds the FII forum, dubbed “Davos in the Desert” by the Saudis, with many U.S. finance executives attending, including JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon.
However, there were no officials from the Biden Administration to be seen at the forum on Tuesday, Reuters reports. But Jared Kushner, a former senior aide to former President Donald Trump, was in attendance and is a featured speaker at the event.
By Michael Kern for Oilprice.com
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Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com,