The Saudi Defense Minister and King Salmans Son, Prince Khalid bin Salman on Sunday refuted US claims that more than one OPEC member has felt compelled by Saudi Arabia to make the decision to cut oil production, and that it is doing so Kingdom supports Russia.
“Although the unanimous OPEC+ decision was made for purely economic reasons, some accused the kingdom of siding with Russia. Iran is also a member of OPEC, does that mean the kingdom stands with Iran too?” Khalid bin Salman wrote on Twitter.
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“We are amazed by the allegations that the Kingdom is supporting Russia in the war with Ukraine. It is significant that these false accusations did not come from the Ukrainian government,” he added.
Oil prices fell more than 3% on Friday on recession concerns. That United States Brent Oil Fund BNO closed about 3% lower while the Vanguard Energy Index Fund ETF VDE closed over 3.5% lower.
Member Comments: The OPEC+ group of states reportedly endorsed the deal following allegations from the White House.
“There is complete consensus among OPEC+ countries that the best approach to addressing oil market conditions in the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed going forward,” so Iraq oil marketer SOMO said: according to to Reuters.
Kuwait Petroleum Corporation chairman Nawaf Saud al-Sabah, said the country is keen to maintain a balanced oil market, Reuters reported, citing state news agency KUNA. Oman and Bahrain have separately said that OPEC unanimously approved the reduction, the report added.
Continue reading: According to Saudi Arabia, Team Biden has asked OPEC+ to delay the exit decision by a month, but doing so would have had “negative consequences.”
