News - Middle East: Saudi Arabia has defended a recent OPEC+ decision to reduce oil production as “purely economic,” amid a new of diplomatic tensions with the US, rejecting Washington’s accusations that the cut serves to back Russia amid its war on Ukraine.

In a statement on Thursday, Saudi Arabia’s Foreign Ministry rejected as “not based on facts” claims that the slash in oil production was politically motivated against the US, saying that OPEC+ adopted the decision through consensus, took into account the balance of supply and demand and tried to curb market volatility.

Last week, the 23-member OPEC+ alliance of oil-producing countries — including Saudi Arabia and Russia — agreed to reduce its November output by 2 million barrels per day, citing “uncertainty” in the market.

It is OPEC+’s biggest production cut since the start of the coronavirus pandemic in 2020, which led to a jump in oil prices.

The decision has sharply angered the US administration, with President Joe Biden threatening “consequences” for Saudi Arabia.

Clarifying its position on the Ukraine-Russia conflict, Saudi Arabia rejected the US’s accusations that Riyadh was taking sides.

The statement confirmed Biden tried to postpone the OPEC+ decision for oil cut for a month, ahead of mid-term elections in November.

“The kingdom clarified through its continuous consultations 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,” it said.

“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.
It also said that Saudi Arabia views its relationship with the United States as a “strategic one,” but stressed the importance of mutual respect.

Outrage among US Democrats

After slashing oil production, Saudi royals are said to be working to help the Republicans win the upcoming midterms in the US.

Irked by the OPEC+ move, Democratic Senator Bob Menendez, the chairman of the Senate Foreign Relations Committee, said the United States must immediately freeze all cooperation with Saudi Arabia, including arms sales to the country.