Oliver 14 0 0 4 min to read

Repercussions of Saudi Arabia’s OPEC move are being “reviewed” by the US.

Cebuano Cebuano English English Filipino Filipino

As a result of OPEC+’s agreement to reduce oil production, the United States is “reviewing” the implications for Saudi Arabia, according to Secretary of State Antony Blinken on Thursday.

“Not only are we quite disappointed by that, but we also believe it unwise. And as the President has made abundantly clear, there must be repercussions for that choice, which we are currently assessing, “Blinken stated during a press conference alongside Marcelo Ebrard, his colleague from Mexico.

Blinken claimed that Saudi Arabia had personally and publicly informed the US of their intention to decrease oil production, which they knew would boost Russian income.

“That would be going in the wrong path, we made plain. Based on it alone, the effect that could have on sanctions, but also because the world economy is recovering. Recovery is tenuous, “added the diplomat.

“In addition to facing challenges from Covid, we also face challenges related to the Russia topic itself. Therefore, since energy has been off the market for many months, this is not the time to do so, “added he.

According to Blinken, the Saudis failed to provide a market justification for the cuts, and the US advised them to “wait and see how markets reacted over the coming weeks there and wait at least until their next monthly meeting” if they were worried about prices dropping significantly and wanted to keep them at a certain level.

The White House had said that the decision by OPEC+, led by Saudi Arabia, to drastically reduce global oil production amounted to “moral and military support” for Russia’s ongoing conflict with Ukraine.

Saudi Arabia is still drawing ire from the United States for supporting the cartel’s decision to cut production by 2 million barrels per day, according to Washington, which claims Riyadh used covert tactics to persuade other members of the group to support the decision despite knowing full well that it would benefit Russia.

Oil prices have increased significantly due to the actions of OPEC+, providing the Kremlin with a significant source of income as the West and its allies try to limit Russia’s capacity to continue the now eight-month-old conflict against Ukraine.

Cebuano Cebuano English English Filipino Filipino

We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.
Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x