Positive developments have happened, but they don't compensate for oil cuts, says Blinken on Saudi Arabia

US Secretary of State AntonyBlinkenonce again raked up the matter of oil production cuts Wednesday and said that it remains unhappy with the decision. However, Blinken did say that Saudi Arabia has offered some "positive" signs since then.

President Joe Biden has registered his displeasure with OPEC+ cartel’s decision to cut oil production by two million barrels a day starting in November. The midterm elections in the US are due the same month and the lower output will lead to an increase in consumer prices, thus hurting the government’s position. Russia is likely to see an increase in revenues amidst the situation, and US sees it as a sign that Saudi Arabia is siding with Moscow.

Blinkenpraised Saudi Arabia for votingwith the United States to condemn Moscow's annexations of Ukrainian territory and for announcing$400 million in humanitarian aid for Ukraine.

"So these are positive developments. They don't compensate for the decision that was made by OPEC+ on production. But we take note of that,"Blinkensaid at a Bloomberg News event.

Biden had earlier met Crown Prince Mohammed bin Salman, the de facto ruler, in June and officials hoped the trip had secured an understanding on oil prices, amid pressure on Biden over soaring inflation.

Blinkenreiterated that Saudi Arabia had made the "wrong decision" and dismissed its argument that it was responding to market dynamics.

"There was nothing to suggest in the analysis that we had -- and it was shared with the Saudis -- that we were looking at prices plummeting in ways that would be problematic for them,"Blinkensaid.

He also said that the Biden administration was reassessing the relationship with Saudi Arabia.

"We're going to do it in a very deliberate fashion, in consultation with members of Congress to make sure of this, that the relationship better reflects our own interests," he said.

(With inputs from agencies)