- Sputnik International, 1920
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Riyadh, Abu Dhabi Uphold OPEC+ Oil Cuts as US Envoy Worried Over Global Economic ‘Uncertainty’

CC0 / / Oil rig
Oil rig - Sputnik International, 1920, 31.10.2022
In early October, OPEC+ unanimously agreed to reduce oil production by two million barrels per day starting in November in response to uncertainty in global energy markets.
Riyadh and Abu Dhabi have upheld a recent move by OPEC+ to slash oil production as a US envoy warned of the global economic volatility in the not-so-distant future.
In an apparent nod to the oil cartel’s decision on oil cut, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told the Abu Dhabi International Petroleum Exhibition and Conference on Monday that “we [Riyadh] don’t owe it to anybody but us.”
Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud wearing in a face mask to protect himself against coronavirus attend a joint news conference with Russian Foreign Minister Sergey Lavrov following their talks in Moscow, Russia, Thursday, Jan. 14, 2021. - Sputnik International, 1920, 12.10.2022
Saudi Arabia's Top Diplomat Says OPEC's Decision to Cut Oil Production Was Purely Economic
“It was done for us, by us, for our future, and we need to commit ourselves to that,” he said.
Bin Salman was echoed by his Emirati counterpart Suhail al-Mazrouei, who hinted that a surge in oil production would unlikely be in place soon even though OPEC and its allies are "only a phone call away if the requirements are there” to increase output.

“I can assure you that we in the United Arab Emirates, as well as our fellow colleagues in OPEC+ are keen on supplying the world with the requirement it needs. But at the same time, we’re not the only producers in the world,” al-Mazrouei noted.

Amos Hochstein, the US envoy for energy affairs, for his part told the Abu Dhabi conference that he thinks “at the end of the day, we are facing an economic uncertainty globally”.
“Energy prices have to be priced in a way that allow for economic growth. And if they are not […] they will rise too high and accelerate an economic downturn, which ultimately is the one thing that will be terrible for energy demand itself,” the envoy asserted.
This came after White House Strategic Communications Coordinator John Kirby insisted last week that OPEC+’s move to cut oil production contradicts the talks between the Biden administration and Saudi Arabia on boosting oil output.
 In this Jan. 26, 2015 file photo, Vice President Joe Biden, left, talks with State Department Special Envoy for International Energy Affairs Amos Hochstein during the Caribbean Energy Security Summit, at the State Department in Washington.  - Sputnik International, 1920, 23.10.2022
OPEC+ Output Cuts Likely to Be Four Times Less Than Flagged - US Special Envoy
Kirby recalled that the US discussed the issue with the Saudi leadership before and during President Joe Biden’s visit to the kingdom in July and that there was an increase in oil production in the aftermath of his trip.
OPEC+ took a two-million-barrels­­­-per-day oil cut early this month, citing uncertainty in global energy markets. The Biden administration denounced the move as short-sighted amid rising energy prices in the US and Europe, accusing Saudi Arabia of aligning itself with Russia.
Riyadh rejected the allegations, stressing that the decision to slash oil production was to stabilize the global market amid declining demand caused by slowing economies across the world.
To participate in the discussion
log in or register
Заголовок открываемого материала