With US-Saudi at loggerheads over OPEC+ oil cut, King Salman says 'working to support stability of markets'
King Salman bin Abdulaziz
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.
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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.
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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.
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."
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 USNational security adviser Jake Sullivan on Sunday said thatPresident Joe Biden would proceed "methodically" in determining how to respond to Saudi Arabia's reduction in oil output and that the response mightinclude modifications to USsecurity support.
(With inputs from agencies)
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