Saudi Arabia says that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production
, which Washington believes came on the orders of Saudi Crown Prince Mohammed bin Salman. Meanwhile, higher energy prices provide a weapon Russia can use against the West, which has been arming and supporting Ukraine.
The statement by the Saudi Foreign Ministry acknowledged that the kingdom had been talking to the U.S.“The government of the kingdom clarified through its continuous consultation with the U.S. administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences,” the ministry said in its statement.this week that also said the U.S.
to condemn Russia's"attempted illegal annexation" of four Ukrainian regions and demand its immediate reversal. Once muscular enough to grind the U.S. to a halt with its 1970s oil embargo, OPEC needed non-members like Russia to push through a production cut in 2016 after prices crashed below $30 a barrel amid rising American production. The 2016 agreement gave birth to the so-called OPEC+, which joined the cartel in cutting production to help stimulate prices.
before air travel and economic activity rebounded following lockdowns around the world. Benchmark Brent crude sat over $92 a barrel early Wednesday, but oil-producing nations are worried prices could sharply fall amid efforts to combat inflation.. Despite the outreach, the kingdom has been supportive of keeping oil prices high in order to fund Prince Mohammed's aspirations, including his planned $500 billion futuristic desert city project called Neom.
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