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FinancialNews


  • 16-10-22

    Saudi Arabia informs US delaying OPEC+ oil cut decision causes negative outcome worldwide

    (MENAFN) Saudi Arabia has informed the US that delaying the verdict by the Organization of the Petroleum Exporting Countries and its allies to reduce output would have been harmful for the whole world, the foreign ministry mentioned in an announcement.

    The organization, recognized as OPEC+, approved to reduce provision by 2 million barrels per day on the 5th of October.

    US leader Joe Biden, who is trying to block profits from Russia from energy trades to control Russia’s attack on Ukraine, named the verdict “shortsighted”, and vowed “there will be consequences” for Saudi-US ties, without elaborating what his government plans to do.

    In reply, the Saudi Foreign Ministry stated that accusations that the Kingdom was taking sides in worldwide wars or had backed the reductions for political motives in contradiction of the US were not along with facts and that the US took the OPEC+ verdict out of its financial framework.

    The announcement also mentioned that “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.”

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