London Daily

Focus on the big picture.
Monday, Jun 02, 2025

‘We don’t use oil as a weapon’: Saudi Arabia hits back at US in OPEC+ cuts row

‘We don’t use oil as a weapon’: Saudi Arabia hits back at US in OPEC+ cuts row

Saudi Arabia has told the US that postponing the decision by the Organization of the Petroleum Exporting Countries and its allies to cut production would have been negative for the world, the foreign ministry said in a statement.

The group, known as OPEC+, agreed to cut supply by 2 million barrels a day on Oct. 5.

US President Joe Biden, who is attempting to stop Russia profiting from energy sales to limit Russia’s war in Ukraine, called the decision “shortsighted”, and promised “there will be consequences” for Saudi-US relations, without clarifying what his administration intends to do.

In response, the Saudi Foreign Ministry said claims the Kingdom was taking sides in international conflicts or had supported the cuts for political reasons against the US were not based on facts and took the OPEC+ decision out of its economic context.


“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 statement said.

The Kingdom also rejected statements criticizing it after last week’s OPEC+ decision to cut oil supply.

The ministry statement said the agreement between OPEC+ nations was unanimous and sought to balance supply and demand to help curb market volatility, adding that Saudi Arabia rejected any attempt to divert it from the goal of protecting the global economy from oil market fluctuations.

Saudi Arabia's Minister of State for Foreign Affairs Adel al-Jubeir struck a bullish tone in an interview on CNN, saying: “Saudi Arabia does not politicise oil. We don’t see oil as a weapon. We see oil as our commodity. Our objective is to bring stability to the oil market. And our record is very clear on this not over the past few weeks but over the past decades.”


Regarding the impact the row is having on relations between Saudi Arabia and the US, he added that the two nations had “permanent” interests, such as fighting extremism and terrorism.

“I don't believe this relationship is broken, very far from it, this relationship is very robust,” he said, adding: “We have almost 80,000 Americans living and working in Saudi Arabia, we have a very strong trade and investment relationship.”

Saudi Energy Minister Prince Abdulaziz bin Salman also took to the airwaves, and told Bloomberg: “Our current priority is stability in the market in terms of demand and investment.”

On prioritizing profit directly he said: “That mantra maybe could be acceptable if it is meant to be that we are deliberately doing this to jack up prices and that is not on our radar, our radar is to make sure we sustain markets.”

The Saudi foreign ministry statement, citing an unnamed official, said: “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 views its relationship with the US as a strategic one that serves the common interests of both countries.”

Abdulaziz Al-Moqbel, a consultant and energy markets specialist, told Arab News the US position is "directly influenced by the status of the refining sector in the US", which is characterised by aging refineries and a lack of diverse sourcing of heavy and medium crude benchmarks.

He added: “The global economy has been battered by a series of macro events such as the trade war between the largest two economies followed by a pandemic and last but not least the conflict between Russia and the Ukraine.

“Any disruption in the oil markets could cause yet another economic distress. The OPEC+ decision aims to be proactive and preemptive to avoid any consequences of yet another global economy crisis.”

Saudi Arabia was supported by the Secretary General of the Gulf Cooperation Council, Nayef Falah Al Hajraf.

A missive issued on his website said Al Hajraf “expressed full solidarity” with the Kingdom, adding that statements criticizing Saudi Arabia “lack facts”.

He went to praise “the important and pivotal role played by the Kingdom at the regional and international levels in the field of mutual respect between countries”, as well as “the Kingdom's commitment not to compromise the sovereignty of states, protecting the global economy from fluctuations in energy prices and ensuring its supplies according to a balanced policy that takes into account the interests of the producing and consuming countries.”

US Democrats, with an eye on the impact of rising gas prices ahead of November elections, have assailed Saudi Arabia, with some even calling for the end of defense cooperation between the longstanding partners.

The average US gas price stood at $3.92 per gallon on Wednesday.

Former US Secretary of State Mike Pompeo blamed Biden for the current energy crisis.

“This is a failure of American policy. Joe Biden is directly responsible for the place that the world finds itself on energy.”

He also accused the progressive left of spending 25 years of thinking they are “going to run the world on sunshine and windmills.”

Aside from not building new refineries, Pompeo said the current administration has the wrong strategy for making the US energy independent.

“We shut down a pipeline, we’ve made it hard to permit, we’ve got ESG rules that now deny the capacity to get American energy out of American ground for American consumers.”

“We have the capacity for self-help here in the US,” Pompeo told Fox News Sunday.

“To point the finger at someone else, at OPEC or at the Saudis, is an enormous mistake when America has the capacity to produce energy independence for its own country and, frankly, provide energy for the world as well.”

Newsletter

Related Articles

0:00
0:00
Close
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
×