Saudi Arabia rejects dictates, says OPEC+ decision ‘purely economic’

Saudi Arabia rejects dictates, says OPEC+ decision ‘purely economic’
Saudi Arabia rejects dictates, says OPEC+ decision ‘purely economic’

Saudi Arabia affirmed its rejection of any dictates, actions or efforts to distort its noble objectives to protect the global economy from oil market volatility, an official Saudi source said early Thursday. The Kingdom expressed its total rejection of statements that are not based on facts, but are meant to portray the OPEC+ decision out of its purely economic context.

An official at the Saudi Foreign Ministry stated that the government of Saudi Arabia has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5, 2022, which accused the Kingdom of taking sides in international conflicts. The statements described the OPEC+ decision as politically motivated and biased against the United States, the official added. “This decision was taken unanimously by all member states of the OPEC+ group,” the official said.

The Kingdom affirmed that the decisions of the OPEC+ meetings are adopted through consensus among member states, and that they are not based on unilateral decisions by a single country. “These outcomes are based purely on economic considerations that take into account maintaining the balance of supply and demand in the oil markets, and limiting volatility that does not serve the interests of consumers and producers, as has been always the case within OPEC +,” the official statement read.

The OPEC+ group makes its decisions independently in accordance with established practices followed by the international organizations. “Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences,” the statement said.

It also affirmed that any attempts to distort the facts about the Saudi position regarding the crisis in Ukraine are unfortunate, and will not change the Kingdom’s principled stand, including its vote to support UN resolutions regarding the Russian-Ukrainian crisis. The Kingdom’s position is based on the importance of all countries adhering to the United Nations Charter, principles of international law, and the Kingdom's rejection of any infringement on the sovereignty of countries over their territories. The Kingdom called for establishing a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries in resolving economic challenges.

The Kingdom affirmed that its relationship with the United States is a strategic one that serves the common interests of both countries. The Kingdom also stresses the importance of building on the solid pillars upon which the Saudi-US relationship had stood over the past eight decades. “These pillars include mutual respect, enhancing common interests, actively contributing to preserve regional and international peace and security, countering terrorism and extremism, and achieving prosperity for the peoples of the region,” the statement added.

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