Riyadh defends OPEC+ decision to cut oil production

(Reuters) – Saudi Arabia on Thursday slammed “non-factual” statements criticizing it following OPEC+’s decision last week to cut oil output despite objections from the United States. United, a decision described by Ryad as beneficial to consumers and producers.

In a statement, the Saudi Foreign Ministry said the OPEC+ decision was made by consensus and was intended to stem market volatility.

US President Joe Biden said this week that OPEC+’s decision to cut oil production to two million barrels a day would have “consequences” for relations between Washington and Riyadh. The United States accuses the kingdom of having yielded to the will of Russia.

The statement from the Saudi Foreign Ministry underlines the “purely economic context” of the drop in production.

(Reporting Ahmad Elhamy and Moaz Abd-Alaziz in Cairo; written by the Paris office)