WASHINGTON (Pakistan Point News / Sputnik - 08th October, 2022) Saudi Arabia's decision to back OPEC+ cuts to oil production was not meant to harm the United States but to stabilize the global market amid a slowing economy, Saudi Foreign Minister Adel al-Jubeir said in an interview.
The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday production cut of 2 million barrels per day.
"The idea that Saudi Arabia would do this to harm the US or to be in any way politically involved is absolutely not correct at all," Al-Jubeir told Fox news on Friday.
Saudi Arabia does not politicize oil or oil decisions, and oil is not utilized as a weapon, but as a commodity, Al-Jubeir added.
The 22 countries that make up OPEC+, he added, are seeing shortages, geopolitical and economic headwinds, and a slowdown in economies throughout the world.
Al-Jubeir also said the decision by OPEC+ to cut oil production is aimed at ensuring there is not a collapse of the energy markets because it would be detrimental not only to producers, but also to consumers.
The Saudi foreign minister said the reason the United States has high gasoline prices is because of a refining shortage that has been in existence in the country for more than 20 years.
Oil prices jumped double-digits on the week, with benchmark Brent crude nearing $100 a barrel, after a production cut announced by OPEC rejuvenated a market that had seen four straight months of losses.
