OPEC countries line up to cut production

After the White House accused Saudi Arabia of coercing other countries to support the move, OPEC+ members lined up to back the deep cuts agreed this month.

The US said on Thursday that the cut would boost Russia’s foreign exchange earnings, suggesting it was engineered by Riyadh for political reasons.

Saudi Arabia’s King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in the oil market, including establishing and maintaining an OPEC+ alliance agreement.

Prince Khalid bin Salman, the kingdom’s defense minister and son of King Salman, also said the October 5 decision to cut production by 2 million barrels per day was unanimous despite tight oil markets. , said it was based on economic factors.

His comments were supported by ministers of several OPEC+ member countries, including the United Arab Emirates.

Gulf Energy Minister Suhail Al-Mazroui tweeted: “The latest unanimously endorsed OPEC+ decision is a purely technical decision with no political intention whatsoever. I want to do it,’ he wrote.

Kuwait Petroleum Corporation CEO Nawaf Saud Al Sabah also welcomed OPEC+’s decision to include other major oil producers, especially Russia, to maintain a balanced oil market. said he was keen to

OPEC Secretary General Haitham Al-Ghais said OPEC is aiming for a balance between supply and demand, not a specific price.

Oil inventories in major countries are lower than when OPEC has cut production in the past.

Some analysts say the recent volatility in the oil market could be rectified by a rate cut to help lure investors into the underperforming market.

U.S. National Security Council (NSC) spokesman John Kirby said on Thursday that “several” OPEC members felt pressured by Saudi Arabia to vote, saying the cuts would boost Russia’s revenues, and that the cuts would boost Russia’s income in February. It added that it would blunt the effectiveness of the sanctions imposed on the U.S. aggression against Ukraine.

King Salman said in a speech to the kingdom’s advisory body, the Shura Council, that the country was a peace broker and emphasized the crown prince’s initiative to free prisoners of war from Russia last month, state news agency SPA reported. .

President Khalid bin Salman said on Sunday he was “surprised” by claims that his country “stands with Russia in the war against Ukraine”.