{"id":1687771,"date":"2022-10-13T09:24:41","date_gmt":"2022-10-13T13:24:41","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687771"},"modified":"2022-10-13T09:24:44","modified_gmt":"2022-10-13T13:24:44","slug":"saudi-arabia-says-biden-asked-them-to-delay-opec-oil-production-cuts-by-a-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-says-biden-asked-them-to-delay-opec-oil-production-cuts-by-a-month\/","title":{"rendered":"Saudi Arabia Says Biden Asked Them to Delay OPEC+ Oil Production Cuts by a Month"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudi-arabia-says-biden-asked-them-to-delay-opec-oil-production-cuts-by-a-month%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687771&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/gray-wwsb-prod.cdn.arcpublishing.com\/resizer\/kNahfCAJQhG0EtrQfpaeq7XiVew=\/1200x600\/smart\/filters:quality(85)\/cloudfront-us-east-1.images.arcpublishing.com\/gray\/NUXWLND43NCCPG7LLEEPBMXQME.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"text | article-text\">DUBAI, United Arab Emirates (AP) \u2014 Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies \u2014 including Russia \u2014 to cut oil production by a month which would have been just before the upcoming American midterm elections.<\/p>\n<p class=\"text | article-text\">A statement issued by the Saudi Foreign Ministry didn\u2019t specifically mention the elections, crucial to U.S. President Joe Biden maintaining his Democratic Party\u2019s narrow majorities in Congress. However, it stated that the U.S. \u201csuggested\u201d the cuts be delayed by a month as opposed to being implemented at OPEC\u2019s Oct. 5 meeting in Vienna.<\/p>\n<p class=\"text | article-text\">A month delay would have put them just before the Nov. 8 elections \u2014 where they likely couldn\u2019t have drastically influenced prices at the pump.<\/p>\n<div class=\"video | pb-3 w-100\">\n<p><span class=\"video-description\">Higher gas prices, greater shipping costs, broader inflation and more interest rate hikes are on the horizon after OPEC cut. (CNN, KSAT, OPEC, SAUDI PRESS AGEN)<\/span><\/p>\n<\/div>\n<p class=\"text | article-text\">Rising oil prices \u2014 and by extension higher gasoline prices \u2014 have been a key driver of inflation in the U.S. and around the world, worsening global economic woes as Russia\u2019s monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up could affect voters. He and many lawmakers have warned\u00a0<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-biden-business-saudi-arabia-middle-east-ea75287315c4e8a78014a4eccb114abe\">that America\u2019s longtime security-based relationship with the kingdom could be reconsidered.<\/a><\/p>\n<p class=\"text | article-text\">The White House has rejected an attempt to link the OPEC request to the elections, but Saudi Arabia issuing a rare, lengthy statement shows just how tense relations are between the two countries. That\u2019s even years after\u00a0<a href=\"https:\/\/apnews.com\/article\/us-saudi-crown-prince-khashoggi-killing-26c37f6d603737de7509f5ee09ae7f9d\">the 2018 killing and dismemberment of Washington Post columnist Jamal Khashoggi<\/a>, which Washington believes came on the orders of Saudi Crown Prince Mohammed bin Salman. Meanwhile, higher energy prices provide a weapon Russia can use against the West, which has been arming and supporting Ukraine.<\/p>\n<p class=\"text | article-text\">The statement by the Saudi Foreign Ministry acknowledged that the kingdom had been talking to the U.S.\u00a0<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-inflation-health-germany-elections-d873521f8b165774de3902439dd5a6ee\">about postponing OPEC+\u2019s 2 million barrel cut<\/a>\u00a0announced last week.<\/p>\n<p class=\"text | article-text\">\u201cThe government of the kingdom clarified through its continuous consultation with the U.S. 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,\u201d the ministry said in its statement.<\/p>\n<p class=\"text | article-text\">The ministry\u2019s statement confirmed\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-defied-u-s-warnings-ahead-of-opec-production-cut-11665504230?mod=Searchresults_pos8&#038;page=1\">a Wall Street Journal article<\/a>\u00a0this week that also said the U.S. sought to delay the OPEC+ production cut until just before the midterm elections. The Journal quoted unnamed Saudi officials as describing the move as a political gambit by Biden ahead of the vote.<\/p>\n<p class=\"text | article-text\">The kingdom also criticized attempts to link the kingdom\u2019s decision to Russia\u2019s war on Ukraine.<\/p>\n<p class=\"text | article-text\">\u201cThe kingdom stresses that while it strives to preserve the strength of its relations with all friendly countries, it affirms its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility,\u201d it said. \u201cResolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries.\u201d<\/p>\n<p class=\"text | article-text\">Both Saudi Arabia and the neighboring United Arab Emirates, key producers in OPEC,\u00a0<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-middle-east-syria-united-nations-fd7ede16dec560ebb49f9465644de1b1\">voted in favor of a United Nations General Assembly resolution Wednesday<\/a>\u00a0to condemn Russia\u2019s \u201cattempted illegal annexation\u201d of four Ukrainian regions and demand its immediate reversal.<\/p>\n<div class=\"video | pb-3 w-100\">\n<p><span class=\"video-description\">Blinken says the US has \u201cmade clear our views to OPEC members,\u201d following news of a production cut of 2M barrels of oil a day. (POOL)<\/span><\/p>\n<\/div>\n<p class=\"text | article-text\">Once muscular enough to grind the U.S. to a halt with its 1970s oil embargo, OPEC needed non-members like Russia to push through a production cut in 2016 after prices crashed below $30 a barrel amid rising American production. The 2016 agreement gave birth to the so-called OPEC+, which joined the cartel in cutting production to help stimulate prices.<\/p>\n<p class=\"text | article-text\"><a href=\"https:\/\/apnews.com\/article\/financial-markets-us-news-ap-top-news-tokyo-asia-ce1c170194fe7803c498a72389ae5dfa\">The coronavirus pandemic briefly saw oil prices go into negative territory<\/a>\u00a0before air travel and economic activity rebounded following lockdowns around the world. Benchmark Brent crude sat over $92 a barrel early Wednesday, but worries inflation and efforts to combat it could lead to a recession have oil-producing nations worried prices could sharply fall.<\/p>\n<p class=\"text | article-text\">Biden, who famously called Saudi Arabia a \u201cpariah\u201d during his election campaign,\u00a0<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-2022-midterm-elections-biden-inflation-business-fa45f3023af51b1b7201f0c06d86f72d\">traveled to the kingdom in July and fist-bumped Prince Mohammed before a meeting<\/a>. Despite the outreach, the kingdom has been supportive of keeping oil prices high in order to fund Prince Mohammed\u2019s aspirations, including his planned $500 billion futuristic desert city project called Neom.<\/p>\n<p class=\"text | article-text\">On Tuesday, Biden warned of repercussions for Saudi Arabia over the OPEC+ decision.<\/p>\n<p class=\"text | article-text\">\u201cThere\u2019s going to be some consequences for what they\u2019ve done, with Russia,\u201d Biden said. \u201cI\u2019m not going to get into what I\u2019d consider and what I have in mind. But there will be \u2014 there will be consequences.\u201d<\/p>\n<p class=\"text | article-text\">___<\/p>\n<p class=\"text | article-text\">Follow Jon Gambrell on Twitter at <a href=\"http:\/\/www.twitter.com\/jongambrellAP\" target=\"_blank\" rel=\"noopener\">www.twitter.com\/jongambrellAP<\/a>.<\/p>\n<p class=\"copyright |\"><i>Copyright 2022 The Associated Press. All rights reserved.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DUBAI, United Arab Emirates (AP) \u2014 Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies \u2014 including Russia \u2014<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1687771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1687771"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1687771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1687771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1687771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}