Saudi Arabia denies ‘political motives’ for the reduction in oil production

On October 5, OPEC+ decided to cut oil production by 2M barrels a day starting in November.

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In response to US criticism, Saudi Arabia dismissed allegations that political motivations drove OPEC+’s agreement to reduce output by 2 million barrels per day.

“Saudi Arabia does not politicize oil. We do not consider oil a weapon. We see petroleum as our commodity. Our goal is to provide stability in the oil market, “CNN was informed by Saudi Minister of State for Foreign Affairs Adel al-Jubeir.

He stated that the move was commercial to “keep oil market stability.”

“Saudi Arabia is on the side of attempting to maintain the stability of the oil markets,” al-Jubeir said, adding that the country is not on Russia’s side.

On Tuesday, US President Joe Biden warned Saudi Arabia that the oil output reduction would have repercussions, warning that Washington would “reconsider” its relationship with Riyadh.

In an interview with CNN, Biden said, “There will be repercussions for what they’ve done to Russia.”

His comments followed a deal by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, generally known as OPEC+, on October 5 to reduce output by 2 million barrels per day beginning in November.

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