Saudi Arabia Says US Asked For One Month Delay In Oil Production Cuts – Statement

Saudi Arabia’s Ministry of Foreign Affairs has issued a rebuttal regarding statements issued about the Kingdom following the OPEC+ decision to cut oil production. Among other points, the Saudi statement claims that the US Administration had been pushing for postponing the OPEC+ decision by a month, effectively to being made after that country’s upcoming November elections.

“The Government of the Kingdom of Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences,” reads the statement.

Relatedly, Secretary General of the Arab League Ahmed Abdul Ghait on Friday expressed his organization’s condemnation and denunciation of the statements criticizing the Kingdom of Saudi Arabia following OPEC+ decision to partially cut oil quotas of the member states.

Following is the complete statement issued by Saudi Arabia’s Ministry of Foreign Affairs.

A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision

An official at the Foreign Ministry in the Kingdom of Saudi Arabia stated that the government of the Kingdom of Saudi Arabia has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5, 2022, which have described the decision as the Kingdom taking sides in international conflicts and that it was politically motived against the United States of America. 

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 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 OPEC+ group makes its decisions independently in accordance with established independent practices followed by the international organizations.

The Government of the Kingdom of Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences.

The Government of the Kingdom of Saudi Arabia affirms that any attempts to distort the facts about the Kingdom’s position regarding the crisis in Ukraine are unfortunate, and will not change the Kingdom’s principled position, including its vote to support UN resolutions regarding the Russian-Ukrainian crisis, based on the Kingdom’s position on the importance for all countries to adhere to the United Nations Charter, principles of international law, and the Kingdom’s rejection of any infringement on the sovereignty of countries over their territories.

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.

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 Kingdom affirms that it view its relationship with the United States of America as a strategic one that serves the common interests of both countries. The Kingdom also stresses the importance of building on the solid pillars upon which the Saudi-US relationship had stood over the past eight decades. These pillars include mutual respect, enhancing common interests, actively contributing to preserve regional and international peace and security, countering terrorism and extremism, and achieving prosperity for the peoples of the region.