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Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
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Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
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Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period
Yemeni Armed Forces Spokesperson Yahya Saree: YAF's UAV Unit carried out three military operations targeting three vital Israeli sites in the occupied Palestinian areas of Yafa, Isdud, and Umm al-Rashrash, using three drones

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

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Oct 2022 16:30
3 Min Read

In response to US allegations that Saudi Arabia is aligning itself with Russia, the Saudi King affirms that the kingdom eyes backing the stability and balance of global oil markets.

  • x
  • Saudi King Salman bin Abdulaziz Al Saud
    Saudi King Salman bin Abdulaziz Al Saud

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.

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".

In the same context, Prince Khaled bin Salman, tweeted: "We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine." 

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.

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

A dollar-based relationship 

Related News

OPEC+ eyes full return of 2.2 million barrels amid compliance rift

OPEC+ to boost oil output again amid market weakness, internal rift

Since Biden visited Saudi Arabia in July and met with Crown Prince Mohammed bin Salman, despite threatening to make the Kingdom an international "pariah" following the murder of journalist Jamal Khashoggi, the OPEC+ move to cut production was generally viewed as a diplomatic slap in the face. It also comes at a critical time for Biden's Democratic Party, as it prepares for midterm elections in November, with rising consumer costs a prominent Republican talking point.

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

Saudi Foreign Minister Prince Faisal bin Farhan told the Saudi-owned Al Arabiya channel on Tuesday that the move "was purely economic and was taken unanimously by the (organization's) member states."

"OPEC+ members acted responsibly and took the appropriate decision," he said.

Kirby added that Biden was "willing to work with Congress to think through what that relationship (with Saudi Arabia) ought to look like going forward," although he clarified that no formal discussions had yet begun. 

Biden threatens KSA with 'consequences'

US President Joe Biden had threatened Saudi Arabia with "consequences" after a coalition led by Riyadh agreed with Russia to cut output.

Last week, the 13-nation OPEC+ and its 10 allies infuriated the White House by resolving to cut output by two million barrels per day beginning in November, fueling fears that oil prices may spike. "I'm not going to get into what I'd consider and what I have in mind. But there will be -- there will be consequences," he told CNN.

Biden would not specify which choices were being evaluated, although the White House had previously stated that Biden was reassessing connections between allies. "I think the president's been very clear that this is a relationship that we need to continue to re-evaluate, that we need to be willing to revisit," National Security Council spokesman John Kirby told CNN. "Certainly in light of the OPEC decision, I think that's where he is."

  • OPEC
  • Salman bin Abdulazziz
  • OPEC+
  • King Salman
  • Saudi King
  • Saudi Arabia
  • US
  • Russia
  • Oil market

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