Saudi Arabia rejects U.S. criticism of OPEC+ quota cut decision
(Bloomberg) — Saudi Arabia rejected criticism of last week’s OPEC+ decision to cut oil production quotas, saying the move was based solely on “its noble objectives” to avoid oil-market volatility and denying the kingdom was taking a stance against the U.S.
“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,” the Foreign Ministry said in a statement.
The comments -- which cited an unnamed Foreign Ministry official -- marked Saudi Arabia’s first formal response to the outrage vented by the US and its allies following the Oct. 5 OPEC+ decision. The Biden administration accused the country and its de facto leader Crown Prince Mohammed bin Salman, of ignoring US requests not to go ahead with the cut.
In an interview with CNN on Tuesday, President Joe Biden reiterated US anger over the move, saying there would “be some consequences for what they’ve done.” He vowing to engage with US lawmakers, some of whom have suggested banning arms sales to Saudi Arabia, and said it was time for the US to rethink its relationship with the kingdom.
In the statement, the Foreign Ministry official said the kingdom affirms that it views “its relationship with the United States of America as a strategic one.” The two countries must build on the pillars of their relationship, which include mutual respect.
“The Kingdom stresses that while it strives to preserve the strength of its relations with all friendly countries, it affirms its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility,” the statement said.
The kingdom statement was partly responding to news reports that said the US and other nations had asked OPEC+ to delay its decision by a month. People familiar with the matter said at the time that some members of the group -- notably the United Arab Emirates and Iraq -- had opposed the cut but eventually acquiesced.
In the statement, Saudi Arabia sought to downplay its central role, portraying the decision as unanimous. Addressing the Ukraine invasion, it cited Saudi Arabia’s votes in support of UN resolutions condemning the invasion. That included a surprise “yes” vote on Wednesday in favor of a General Assembly resolution that opposed Russia’s annexation of four regions in eastern Ukraine.
“Resolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries,” the statement said.
