AIRLINK 152.12 Decreased By ▼ -8.16 (-5.09%)
BOP 9.12 Decreased By ▼ -0.36 (-3.8%)
CNERGY 7.09 Decreased By ▼ -0.72 (-9.22%)
CPHL 82.29 Decreased By ▼ -3.82 (-4.44%)
FCCL 42.81 Decreased By ▼ -0.92 (-2.1%)
FFL 14.21 Decreased By ▼ -0.75 (-5.01%)
FLYNG 28.59 Decreased By ▼ -0.10 (-0.35%)
HUBC 131.94 Decreased By ▼ -5.18 (-3.78%)
HUMNL 12.23 Decreased By ▼ -0.22 (-1.77%)
KEL 4.00 Decreased By ▼ -0.11 (-2.68%)
KOSM 4.91 Decreased By ▼ -0.33 (-6.3%)
MLCF 67.05 Decreased By ▼ -1.87 (-2.71%)
OGDC 200.38 Decreased By ▼ -7.43 (-3.58%)
PACE 4.99 Decreased By ▼ -0.17 (-3.29%)
PAEL 41.50 Decreased By ▼ -1.70 (-3.94%)
PIAHCLA 16.22 Decreased By ▼ -0.56 (-3.34%)
PIBTL 8.42 Decreased By ▼ -0.50 (-5.61%)
POWER 13.05 Decreased By ▼ -0.43 (-3.19%)
PPL 148.60 Decreased By ▼ -8.50 (-5.41%)
PRL 27.71 Decreased By ▼ -0.88 (-3.08%)
PTC 19.46 Decreased By ▼ -1.12 (-5.44%)
SEARL 81.97 Decreased By ▼ -2.62 (-3.1%)
SSGC 37.27 Decreased By ▼ -2.06 (-5.24%)
SYM 14.38 Decreased By ▼ -0.80 (-5.27%)
TELE 6.82 Decreased By ▼ -0.21 (-2.99%)
TPLP 8.14 Decreased By ▼ -0.68 (-7.71%)
TRG 63.13 Decreased By ▼ -0.71 (-1.11%)
WAVESAPP 8.04 Decreased By ▼ -0.83 (-9.36%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
YOUW 3.35 Decreased By ▼ -0.19 (-5.37%)
AIRLINK 152.12 Decreased By ▼ -8.16 (-5.09%)
BOP 9.12 Decreased By ▼ -0.36 (-3.8%)
CNERGY 7.09 Decreased By ▼ -0.72 (-9.22%)
CPHL 82.29 Decreased By ▼ -3.82 (-4.44%)
FCCL 42.81 Decreased By ▼ -0.92 (-2.1%)
FFL 14.21 Decreased By ▼ -0.75 (-5.01%)
FLYNG 28.59 Decreased By ▼ -0.10 (-0.35%)
HUBC 131.94 Decreased By ▼ -5.18 (-3.78%)
HUMNL 12.23 Decreased By ▼ -0.22 (-1.77%)
KEL 4.00 Decreased By ▼ -0.11 (-2.68%)
KOSM 4.91 Decreased By ▼ -0.33 (-6.3%)
MLCF 67.05 Decreased By ▼ -1.87 (-2.71%)
OGDC 200.38 Decreased By ▼ -7.43 (-3.58%)
PACE 4.99 Decreased By ▼ -0.17 (-3.29%)
PAEL 41.50 Decreased By ▼ -1.70 (-3.94%)
PIAHCLA 16.22 Decreased By ▼ -0.56 (-3.34%)
PIBTL 8.42 Decreased By ▼ -0.50 (-5.61%)
POWER 13.05 Decreased By ▼ -0.43 (-3.19%)
PPL 148.60 Decreased By ▼ -8.50 (-5.41%)
PRL 27.71 Decreased By ▼ -0.88 (-3.08%)
PTC 19.46 Decreased By ▼ -1.12 (-5.44%)
SEARL 81.97 Decreased By ▼ -2.62 (-3.1%)
SSGC 37.27 Decreased By ▼ -2.06 (-5.24%)
SYM 14.38 Decreased By ▼ -0.80 (-5.27%)
TELE 6.82 Decreased By ▼ -0.21 (-2.99%)
TPLP 8.14 Decreased By ▼ -0.68 (-7.71%)
TRG 63.13 Decreased By ▼ -0.71 (-1.11%)
WAVESAPP 8.04 Decreased By ▼ -0.83 (-9.36%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
YOUW 3.35 Decreased By ▼ -0.19 (-5.37%)
BR100 11,776 Decreased By -377.8 (-3.11%)
BR30 34,410 Decreased By -1457.9 (-4.06%)
KSE100 111,327 Decreased By -3545.6 (-3.09%)
KSE30 33,993 Decreased By -1274 (-3.61%)

WASHINGTON: Saudi Arabia pushed other OPEC+ nations into an output cut last week, the White House claimed on Thursday, part of an escalating war of words between the two countries.

"More than one" OPEC member disagreed with Saudi Arabia's push to cut production and felt coerced into the vote, National Security Council spokesman John Kirby told reporters.

He said he was not going to identify the members to let them speak for themselves.

The United States presented Saudi Arabia with an analysis showing there was no market basis to lower oil production before the OPEC+ decision to cut output, Kirby said in an earlier statement on Thursday, pushing against Riyadh's claims the output cut was "purely economic."

The 13-member Organization of the Petroleum Exporting Countries and its allies, which include Russia, lowered their production target by 2 million barrels per day last week, even though world supplies are considered tight.

Of those cuts, experts expect an actual production cut of about half that level.

The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

Saudi Arabia says OPEC+ oil cut 'purely economic'

"The Saudi foreign ministry can try to spin or deflect, but the facts are simple," Kirby said in a statement, saying that cutting output would "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow after it invaded Ukraine in February.

Kirby said the United States' analysis also showed the cut could have waited until the next OPEC meeting, after the November US midterm elections that will determine whether President Joe Biden's Democratic party will retain control of Congress.

The production cut is the latest sign of deteriorating US-Saudi relations since Biden took office.

Comments

Comments are closed.

Az_Iz Oct 14, 2022 04:58pm
The are looking after their own interest, with projected demand for oil , to decrease.
thumb_up Recommended (0)
Aziz Ur Rahman Oct 17, 2022 06:53pm
The Saudis are a selfish lot The Americans are correct they cut oil output to help Russia America will probably make them pay by cut in arms deals
thumb_up Recommended (0)