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Saudi Arabia pushed other OPEC nations into oil cut, White House claims

Commodities Oct 14, 2022 06:13AM ET
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WASHINGTON (Reuters) -Saudi Arabia pushed other OPEC+ nations into an output cut last week, the White House claimed on Thursday, part of an escalating war of words between the two countries.

"More than one" OPEC member disagreed with Saudi Arabia's push to cut production and felt coerced into the vote, National Security Council spokesman John Kirby (NYSE:KEX) told reporters. He said he was not going to identify the members to let them speak for themselves.

The United States presented Saudi Arabia with an analysis showing there was no market basis to lower oil production before the OPEC+ decision to cut output, Kirby said in an earlier statement on Thursday, pushing against Riyadh's claims the output cut was "purely economic."

The 13-member Organization of the Petroleum Exporting Countries and its allies, which include Russia, lowered their production target by 2 million barrels per day last week, even though world supplies are considered tight. Of those cuts, experts expect an actual production cut of about half that level.

The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

"The Saudi foreign ministry can try to spin or deflect, but the facts are simple," Kirby said in a statement, saying that cutting output would "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow after it invaded Ukraine in February.

Kirby said the United States' analysis also showed the cut could have waited until the next OPEC meeting, after the November U.S. midterm elections that will determine whether President Joe Biden's Democratic party will retain control of Congress.

The production cut is the latest sign of deteriorating U.S.-Saudi relations since Biden took office.

Saudi Arabia pushed other OPEC nations into oil cut, White House claims
 

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Comments (13)
Ferdinando Riboni
Ferdinando Riboni Oct 14, 2022 9:41AM ET
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usa will soon do regime change ..
First Last
First Last Oct 14, 2022 9:41AM ET
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We call it elections.
Sharif Almeida
Sharif Almeida Oct 14, 2022 7:12AM ET
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We miss trump he wud have never let this happen.
Ken Roth
Ken Roth Oct 14, 2022 7:12AM ET
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No he would have given eastern europe to russia and sold us secrets to the chinese
Andrew Ulferts
Andrew Ulferts Oct 14, 2022 7:12AM ET
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Ken Roth Given it to Russia? He owns it?
gab nea
gab nea Oct 14, 2022 6:32AM ET
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cut all relations with the Saudis including arms! they are working against our interests! they are anti american! why help them in any way?
Andrew Ulferts
Andrew Ulferts Oct 14, 2022 6:32AM ET
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Why does it matter what THEY do with their oil? We have plenty of our own. Ridiculous. You can’t control everyone.
Vick Filatow
Vick Filatow Oct 14, 2022 6:07AM ET
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Exchange the Unrenewable energy sources for computer genetated buble by pressing keyboard button...
Oct 14, 2022 4:40AM ET
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man all the SPR draining to buy votes....for nothing...better legalize MJ and pardon rapists
Ken Roth
Ken Roth Oct 14, 2022 4:40AM ET
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Pardoning rapists seems to be Russias way of getting soldiers. Wagner video of criminals being recruited with amnesty as pay to join the war in Ukranie is everywhere on the internet, you should be carefull who you blame
Oct 14, 2022 4:39AM ET
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big middle finger to creepy Joe.... midterms will be a nightmare for the woke nation
Ken Roth
Ken Roth Oct 14, 2022 3:34AM ET
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US have gotten a large f.... from the saudis. Time to withdraw our troops and military security. They have totally forgotten that we saved them from  Iraqi dicator Sadam. Theyb can perhaps hire wagner or putin Troops if there are any left from the Ukraine war, or buy Russian missiles with a 30% accuracy. Maybe it is time for Yemen/Iran to take over Saudi arabia
Ken Roth
Ken Roth Oct 14, 2022 3:31AM ET
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Maybe it is time to withdraw US military security from Saudi Arabia and stop selling weapons to them and leave them to Yemen/Iran. Saudis can ask wagner and Putin to supply troops instead if there are any left from Ukranie war or buy their missiles with 30% accuracy. US is selfsufficient in Oil and no longer depends on the Saudis. They have totally forgotten that we saved them from Sadam Hussein....and what is our payback???....a large finger
Yellow Owl
Mystic_Owl Oct 14, 2022 2:57AM ET
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So, if you don't do everything what the US wants right now, you will be automatically supporting Russians. Can you believe these people!
Brad Albright
Brad Albright Oct 14, 2022 2:57AM ET
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Nice straw man.
First Last
First Last Oct 14, 2022 2:57AM ET
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"these people"?  You mean Trump & his retrumplicans who also asked the Saudis to increase oil production during his term?
Bill Powers
Bill Powers Oct 14, 2022 2:57AM ET
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whataboutism!
First Last
First Last Oct 14, 2022 2:57AM ET
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Bill Powers  Whataboutism is legit in this case. His use of "these people" can imply it's only the current gov't and not the previous gov't.  I'll do an anti-whataboutism: The current gov't "presented Saudi Arabia with an analysis showing there was no market basis to lower oil production", and the previous gov't did not bother with facts.
Yellow Owl
Mystic_Owl Oct 14, 2022 2:57AM ET
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First Last  Its the collective US.
Alan Rice
Alan Rice Oct 13, 2022 7:24PM ET
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Bad Saudis !! (How dare you try to CONSERVE any of Earth' s natural resources !!) We'll git you for that !!
 
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