Iraq rejects exerting pressure policy, supports OPEC+ decision

• 

Iraq calls for dialogue in order to resolve differences that have arisen in connection with the OPEC+ decision to cut oil output and rejects the policy of pressure on the alliance's countries, according to an Iraqi Foreign Ministry statement obtained by Sputnik.

"The Iraqi Foreign Ministry rejects any policy aimed at exerting pressure and supports the position of OPEC, including Saudi Arabia," the statement read.

The Ministry emphasized that within the organization, a "technical point of view related to stability in the oil markets, their requirements, organization of the supply and demand process, protection of the interests of consumers and producers" is expressed.

"In this regard, the Foreign Ministry calls for the resolution of all differences in connection with this problem through natural methods in the context of a balanced direct dialogue, taking into account the importance of international cooperation in efforts taken for security and stability in the region and the world," the Iraqi statement indicated.

Earlier, the Iraqi Foreign Ministry pointed out that Iraq would cut oil production by 220,000 barrels per day as part of a new OPEC+ deal.

In recent days, the 13-nation OPEC+ and its 10 allies infuriated the White House by resolving to cut production by two million barrels per day beginning in November, fueling fears that oil prices may spike.

Following the decision, US President Joe Biden vowed that "there will be consequences" for US relations with Saudi Arabia.

Prior to the decision, US officials reached out to their counterparts in Saudi Arabia and other Gulf producers with an appeal to delay the decision, according to people familiar with the conversations. However, the answer was nothing else than a resounding "no".

Biden, according to National Security Council Spokesperson John Kirby, believes that the US should examine its relationship with Saudi Arabia in light of the OPEC+ decision "and take a look to see if that relationship is where it needs to be and that it is serving our national security interests." Kirby stated that the US President was willing to meet with members of Congress to discuss the bilateral relationship.

Read more: US proposes to stop arms sales to KSA as comeback for OPEC+ support

Saudi King: We aim to support stability of global oil markets

On its part, Saudi Arabia has rebuffed US accusations that it is aligning itself with Russia during the war in Ukraine by cutting oil production to boost crude prices, insisting that it was purely a business decision and affirming "its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility."

A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision. pic.twitter.com/Bo7JVPDzFo

— Foreign Ministry 🇸🇦 (@KSAmofaEN) October 12, 2022

A couple of days ago, Saudi King Salman bin Abdulaziz Al Saud stressed that his country was "working hard, within its energy strategy, to support the stability and balance of global oil markets."

Similarly, Saudi Defense Minister, Prince Khalid bin Salman, tweeted: "We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine." 

"It is telling that these false accusations did not come from the Ukrainian government," Prince Khalid wrote. "Although the OPEC+ decision, which was taken unanimously, was due to purely economic reasons, some accused the kingdom of standing with Russia."

We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine. It is telling that these false accusations did not come from the Ukrainian government. https://t.co/YIz441YinT

— Khalid bin Salman خالد بن سلمان (@kbsalsaud) October 16, 2022

Saudi Arabia has enraged Washington by deciding to cut production by two million barrels per day beginning in November, putting additional pressure on already-high crude prices.

Riyadh has justified the proposed output cuts by arguing that the "objective of OPEC+ is to keep a sustainable oil market."