OPEC+ member countries reaffirmed that significant production cuts agreed this month were unanimously aimed at ensuring stability of oil markets, after the White House accused Saudi Arabia of coercing some other nations into supporting the move.
US Council spokesman John Kirby said on Thursday that “more than one” OPEC member had felt coerced by Saudi Arabia into the vote, adding that the cut would also increase Russia’s revenues and blunt the effectiveness of sanctions imposed over its February invasion of Ukraine.
The White House has also accused the kingdom of helping Russia fund its war in Ukraine by pushing up oil revenues.
OPEC+ members issued statements early on Monday to defy these claims.
UAE energy minister Suhail al-Mazrouei 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.”
Iraq’s oil marketer SOMO also published a statement saying: “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.”
Oman and Bahrain issued separate statements confirming that OPEC had unanimously agreed on the reduction, and Algeria’s energy minister called the decision “historic” and expressed his full confidence in it, Algeria’s Ennahar TV reported.
Also read:
Saudi Arabia working with OPEC members to ensure market stability
Saudi King Salman bin Abdulaziz Al Saud said on Sunday that Saudi Arabia is working hard, within its energy strategy, to ensure the stability and balance of global oil markets, as petroleum is an important element in supporting the growth of the global economy.
King Salman also said Saudi Arabia will continue to develop newly-discovered natural gas fields throughout the country, as well as targeting carbon neutrality and cutting emissions by 278 million tons annually by 2030.
Speaking via video link to inaugurate the meeting of the Shura Council advisory body, King Salman also noted that the Kingdom is a mediator for peace, highlighting Crown Prince Mohammed bin Salman’s initiative to release prisoners of war from Russia.
