The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

The announcement was made on Thursday (Nov 30) following a relentless push from Saudi to make additional production cuts since July. The kingdom wanted its OPEC+ allies to reduce oil production on the back of crude prices falling by more than 10 per cent from their September high.

The move follows a meeting in June where OPEC+ agreed on a complex deal that revised production targets for several members.

<h2>Individual members revise targets</h2>

Final details of the accord, including national production levels, will be announced individually by each country rather than in the customary OPEC+ communique, Bloomberg reported citing delegates of the group.

Russia, on the other hand, has voluntarily agreed to a supply cut of 500,000 bpd through the end of the first quarter, according to a statement by Deputy Prime Minister Alexander Novak.

A source in the Saudi Energy Ministry told the Saudi Press Agency that the kingdom will extend its voluntary production cut through the end of the first quarter of 2024.

While Algeria agreed to cut January oil production by another 50,000 bpd.

The are 14 countries that are members of the OPEC+ cartel, with Brazil declaring it to be the 15th member on Thursday.

These 14 countries represent around 40 per cent of world oil production.

<h2>Oil cuts to drive up prices</h2>

Also read |&nbsp;<a href="https://www.wionews.com/world/brazil-confirms-joining-opec-from-next-year-minister-says-all-set-664820">Brazil confirms joining OPEC+ from next year, minister says 'all set'</a>

The announcement comes at a time when the prices of oil were down to a near $98 a barrel in September due to the sluggish global economy and growing supplies outside the cartel’s quota system.

Also read |&nbsp;<a href="https://www.wionews.com/world/henry-kissinger-the-most-controversial-and-influential-american-of-20th-century-dies-at-100-664470">Henry Kissinger, America's most controversial and equally influential diplomat, dies at 100</a>

It has been further predicted that the price could fall even further next year, when forecasters including the International Energy Agency anticipate a sharp slowdown in demand growth.

Meanwhile, the move boosted Brent crude above $84 a barrel, up about 1.3 per cent on the day and up 6 per cent since Friday to its highest level in three weeks.

(With inputs from agencies)

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world. The announcement was made on Thursday (Nov 30) following a relentless push from Saudi to make additional production cuts since July. The kingdom wanted its OPEC+ allies to reduce oil production on the back of crude prices falling by more than 10 per cent from their September high. The move follows a meeting in June where OPEC+ agreed on a complex deal that revised production targets for several members. Individual members revise targets Final details of the accord, including national production levels, will be announced individually by each country rather than in the customary OPEC+ communique, Bloomberg reported citing delegates of the group. Russia, on the other hand, has voluntarily agreed to a supply cut of 500,000 bpd through the end of the first quarter, according to a statement by Deputy Prime Minister Alexander Novak. A source in the Saudi Energy Ministry told the Saudi Press Agency that the kingdom will extend its voluntary production cut through the end of the first quarter of 2024. While Algeria agreed to cut January oil production by another 50,000 bpd. The are 14 countries that are members of the OPEC+ cartel, with Brazil declaring it to be the 15th member on Thursday. These 14 countries represent around 40 per cent of world oil production. Oil cuts to drive up prices Also read | Brazil confirms joining OPEC+ from next year, minister says 'all set' The announcement comes at a time when the prices of oil were down to a near $98 a barrel in September due to the sluggish global economy and growing supplies outside the cartel’s quota system. Also read | Henry Kissinger, America's most controversial and equally influential diplomat, dies at 100 It has been further predicted that the price could fall even further next year, when forecasters including the International Energy Agency anticipate a sharp slowdown in demand growth. Meanwhile, the move boosted Brent crude above $84 a barrel, up about 1.3 per cent on the day and up 6 per cent since Friday to its highest level in three weeks. (With inputs from agencies)

OPEC+ announces significant oil production cuts

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members&nbsp; including Russia, Mexico, Sudan, South Sudan, Azerbaijan and&nbsp;Kazakhstan. The Non-OPEC countries which export&nbsp;crude oil along with 13 OPEC members are termed as OPEC+ countries.&nbsp;

Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities.&nbsp;

Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-capitals-bogotas-great-amazon-miracle-riyadhs-oil-games-in-vienna-and-more-603219">The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more</a>&nbsp;

After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year.

<h2>Why the Saudi-led&nbsp;OPEC+ is considering&nbsp;oil cuts?</h2>

The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions.&nbsp;

Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported.&nbsp;

"You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication.

Also watch |&nbsp;OPEC + leaders emphasise investment for stable energy transition

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While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West.

But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC."

(With inputs from agencies)

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war. As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members including Russia, Mexico, Sudan, South Sudan, Azerbaijan and Kazakhstan. The Non-OPEC countries which export crude oil along with 13 OPEC members are termed as OPEC+ countries. Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities. Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade. Also read | The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year. Why the Saudi-led OPEC+ is considering oil cuts? The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions. Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported. "You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication. Also watch | OPEC + leaders emphasise investment for stable energy transition × While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West. But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC." (With inputs from agencies)

Return to 1970s? Saudi-led OPEC+ deliberating further oil cuts amid Israel-Hamas war, says report

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters.&nbsp;

The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October.&nbsp;

The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. &nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its&nbsp;Joint Ministerial Monitoring Committee meeting virtually, on Monday.&nbsp;

Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil.&nbsp;

“As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak.&nbsp;The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe.

Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity.&nbsp;OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries.

Production cuts announced by OPEC+ members, as per their official statements:&nbsp;

Russia: 500,000 bpd 
Saudi Arabia: 500,000 bpd 
UAE: 144,000 bpd 
Kuwait: 128,000 bpd 
Kazakhstan: 78,000 bpd 
Algeria: 48,000 bpd 
Oman: 40,000 bpd 
 
According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil.&nbsp;

Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine.&nbsp;

(With inputs from agencies)&nbsp; 
 
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In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters. The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October. The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its Joint Ministerial Monitoring Committee meeting virtually, on Monday. Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil. “As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak. The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe. Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity. OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries. Production cuts announced by OPEC+ members, as per their official statements: Russia: 500,000 bpd Saudi Arabia: 500,000 bpd UAE: 144,000 bpd Kuwait: 128,000 bpd Kazakhstan: 78,000 bpd Algeria: 48,000 bpd Oman: 40,000 bpd According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil. Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd

Saudi Arabia has refuted a report that oil producers were considering raising output after an oil production cut last month.&nbsp;

According to a Wall Street Journal report from Monday, Saudi Arabia, which co-chairs OPEC+ with Russia and other countries, was mulling an "increase of up to 500,000 barrels" per day. The Kingdom however said that the cut would stay in place till the end of 2023.

Watch |&nbsp;Oil spat: Saudi Arabia blasts US. Is OPEC aligning with Russia?

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The official Saudi Press Agency on Monday quoted the nation's energy minister Prince Abdulaziz bin Salman who said that the nation "categorically denies" the report.

"It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings," he said.&nbsp;

The next meeting as per AFP is scheduled for December 4th.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-democrats-vow-action-against-saudi-arabia-over-opec-oil-output-cut-525041">US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action</a>

"The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene," he added.

In October&nbsp;OPEC+ announced a production cut of two million barrels per day, a move that had heightened tensions between Riyadh and Washington.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/washington-claims-saudi-arabia-pushed-other-opec-nations-for-oil-cut-says-report-525525">Washington claims Saudi Arabia pushed other OPEC+ nations for oil cut, says report</a>

According to reports, the US condemned the reduction in oil production as being tantamount to "aligning with Russia" in the conflict in Ukraine; congressmen even pressured President Joe Biden to retaliate by taking action against the kingdom.

Saudi officials have vehemently defended the recent production cut in the face of criticism from Washington, claiming that it was solely motivated by market conditions and might change as the market changed.

(With inputs from agencies)

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Saudi Arabia has refuted a report that oil producers were considering raising output after an oil production cut last month. According to a Wall Street Journal report from Monday, Saudi Arabia, which co-chairs OPEC+ with Russia and other countries, was mulling an "increase of up to 500,000 barrels" per day.

Saudi Arabia has refuted a report that oil producers were considering raising output after an oil production cut last month. According to a Wall Street Journal report from Monday, Saudi Arabia, which co-chairs OPEC+ with Russia and other countries, was mulling an "increase of up to 500,000 barrels" per day. The Kingdom however said that the cut would stay in place till the end of 2023. Watch | Oil spat: Saudi Arabia blasts US. Is OPEC aligning with Russia? The official Saudi Press Agency on Monday quoted the nation's energy minister Prince Abdulaziz bin Salman who said that the nation "categorically denies" the report. "It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings," he said. The next meeting as per AFP is scheduled for December 4th. Also read | US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action "The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene," he added. In October OPEC+ announced a production cut of two million barrels per day, a move that had heightened tensions between Riyadh and Washington. Also read | Washington claims Saudi Arabia pushed other OPEC+ nations for oil cut, says report According to reports, the US condemned the reduction in oil production as being tantamount to "aligning with Russia" in the conflict in Ukraine; congressmen even pressured President Joe Biden to retaliate by taking action against the kingdom. Saudi officials have vehemently defended the recent production cut in the face of criticism from Washington, claiming that it was solely motivated by market conditions and might change as the market changed. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Is OPEC+ mulling an oil production increase? Saudi says previous cut will stay in place till end of 2023

After a Saudi Arabian intelligence report hinted at an imminent attack from Iran, the United States has expressed its concern and has said that it will not hesitate to respond if necessary.&nbsp;Saudi Arabia has reportedly warned the United States that as a distraction manoeuvre to shift the limelight from its ongoing Hijab protests, Iran is planning to attack the kingdom.&nbsp;

"We are concerned about the threat picture, and we remain in constant contact through military and intelligence channels with the Saudis," said the spokesperson from US'&nbsp;National Security Council, adding, "We will not hesitate to act in the defence of our interests and partners in the region."

Watch |&nbsp;Gravitas: Joe Biden launches a fight with big oil

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Reuters reports that the latest concerns came as relations between USA and Saudi face a strain following last month's OPEC+ decision to cut oil output targets. Reportedly, this has led to a fear of rising oil prices in America and ahead of the midterm elections, and President Joe Biden is facing pressure to retaliate appropriately.&nbsp;

As senators urged the White House to freeze all cooperation with Riyadh and place limits on arms deliveries, Biden had said that there will be consequences for Saudi.

Also read |&nbsp;<a href="https://www.wionews.com/world/iran-may-attack-the-kingdom-says-saudi-in-an-intelligence-report-shared-with-the-us-530482">'Iran may attack the Kingdom,' says Saudi in an intelligence report shared with the US</a>

As per a Wall Street Journal report published on Tuesday, Saudi officials claimed that in an attempt to distract from the ongoing Hijab protests in the country, Iran is poised to launch an attack on Saudi, and Iraq's Erbil.

Riyadh has already launched multiple attacks against Iraq. Since late September, it has already attacked Northern Iraq using ballistic missiles and armed drones. The US had even thwarted one attack on Erbil.

Iranian authorities, as per the WSJ report, have blamed, Saudi Arabia, Israel and US for the unrest it is facing, claiming that these nations have instigated the demonstrations.

(With inputs from agencies)

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After a Saudi Arabian intelligence report hinted at an imminent attack from Iran, the United States has expressed its concern and has said that it will not hesitate to respond if necessary.

After a Saudi Arabian intelligence report hinted at an imminent attack from Iran, the United States has expressed its concern and has said that it will not hesitate to respond if necessary. Saudi Arabia has reportedly warned the United States that as a distraction manoeuvre to shift the limelight from its ongoing Hijab protests, Iran is planning to attack the kingdom. "We are concerned about the threat picture, and we remain in constant contact through military and intelligence channels with the Saudis," said the spokesperson from US' National Security Council, adding, "We will not hesitate to act in the defence of our interests and partners in the region." Watch | Gravitas: Joe Biden launches a fight with big oil Reuters reports that the latest concerns came as relations between USA and Saudi face a strain following last month's OPEC+ decision to cut oil output targets. Reportedly, this has led to a fear of rising oil prices in America and ahead of the midterm elections, and President Joe Biden is facing pressure to retaliate appropriately. As senators urged the White House to freeze all cooperation with Riyadh and place limits on arms deliveries, Biden had said that there will be consequences for Saudi. Also read | 'Iran may attack the Kingdom,' says Saudi in an intelligence report shared with the US As per a Wall Street Journal report published on Tuesday, Saudi officials claimed that in an attempt to distract from the ongoing Hijab protests in the country, Iran is poised to launch an attack on Saudi, and Iraq's Erbil. Riyadh has already launched multiple attacks against Iraq. Since late September, it has already attacked Northern Iraq using ballistic missiles and armed drones. The US had even thwarted one attack on Erbil. Iranian authorities, as per the WSJ report, have blamed, Saudi Arabia, Israel and US for the unrest it is facing, claiming that these nations have instigated the demonstrations. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US concerned about imminent Iranian attack on Saudi, says 'will not hesitate to act in defence'

Saudi King Salman bin Abdulaziz stated on Sunday that his country was working hard to ensure stability and balance in the oil market, including through establishing and maintaining the OPEC+ alliance's recent contentious agreement.

"Our country is working hard within its energy strategy to support the stability and balance of global oil markets," said King Salman, as per the Saudi Press Agency.

Watch |&nbsp;US-Saudi takes a hit over oil production; Biden to act methodically in re-evaluating ties with MBS

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He stressed that "petroleum is an important element in supporting the growth of the global economy".

The OPEC+ agreement in question calls for a reduction in oil production by two million barrels per day starting next month.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-democrats-vow-action-against-saudi-arabia-over-opec-oil-output-cut-525041">US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action</a>

The United States has had a severe reaction to the decision with lawmakers going so far as to threaten Saudi with a potential one-year freeze on all arms sales.

The White House on Thursday claimed that Riyadh had pushed other OPEC+ nations into the oil cut, adding that "more than one" nation was in disagreement and was coerced into the vote following a push by Saudi.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-says-biden-has-no-plans-to-meet-saudi-crown-prince-at-g20-summit-525900">US says Biden has 'no plans' to meet Saudi crown prince at G20 summit</a>

United Arab Emirates energy minister Suhail al-Mazrouei refuted these claims and said on Twitter "I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever."

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I would like to clarify that the latest OPEC+ decision , which was unanimously approved was a pure technical decision, with NO political intentions whatsoever.
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Oman and Bahrain too released independent declarations attesting to OPEC's unanimity on the reduction, reports Al Arabiya.

Iraq's state oil marketer SOMO also said "There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future."

However, as per an AFP report US&nbsp;National security adviser Jake Sullivan on Sunday said that&nbsp;President Joe Biden would proceed "methodically" in determining how to respond to Saudi Arabia's reduction in oil output and that the response might&nbsp;include modifications to US&nbsp;security support.

(With inputs from agencies)

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Saudi King Salman bin Abdulaziz stated on Sunday that his country was working hard to ensure stability and balance in the oil market, including through establishing and maintaining the OPEC+ alliance's recent contentious agreement.

Saudi King Salman bin Abdulaziz stated on Sunday that his country was working hard to ensure stability and balance in the oil market, including through establishing and maintaining the OPEC+ alliance's recent contentious agreement. "Our country is working hard within its energy strategy to support the stability and balance of global oil markets," said King Salman, as per the Saudi Press Agency. Watch | US-Saudi takes a hit over oil production; Biden to act methodically in re-evaluating ties with MBS He stressed that "petroleum is an important element in supporting the growth of the global economy". The OPEC+ agreement in question calls for a reduction in oil production by two million barrels per day starting next month. Also read | US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action The United States has had a severe reaction to the decision with lawmakers going so far as to threaten Saudi with a potential one-year freeze on all arms sales. The White House on Thursday claimed that Riyadh had pushed other OPEC+ nations into the oil cut, adding that "more than one" nation was in disagreement and was coerced into the vote following a push by Saudi. Also read | US says Biden has 'no plans' to meet Saudi crown prince at G20 summit United Arab Emirates energy minister Suhail al-Mazrouei refuted these claims and said on Twitter "I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever." I would like to clarify that the latest OPEC+ decision , which was unanimously approved was a pure technical decision, with NO political intentions whatsoever. — سهيل المزروعي (@HESuhail) October 16, 2022 × Oman and Bahrain too released independent declarations attesting to OPEC's unanimity on the reduction, reports Al Arabiya. Iraq's state oil marketer SOMO also said "There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future." However, as per an AFP report US National security adviser Jake Sullivan on Sunday said that President Joe Biden would proceed "methodically" in determining how to respond to Saudi Arabia's reduction in oil output and that the response might include modifications to US security support. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

With US-Saudi at loggerheads over OPEC+ oil cut, King Salman says 'working to support stability of markets'