OPEC+ decision to cut oil output was purely economic, Saudi minister says

RIYADH: The recent OPEC+ decision to reduce the oil cartel’s output target by 2 million barrels a day was made for purely economic reasons, Saudi Foreign Minister Prince Faisal bin Farhan told Al Arabiya news channel on Tuesday.

Energy ministers from the oil-producing countries that are members of the group agreed the cuts, which will take effect next month, when they met on Wednesday last week.

“The decision of OPEC+ is purely economic and was taken unanimously by member states,” Prince Faisal said.

“OPEC+ countries acted responsibly and took the appropriate decision. OPEC+ countries seek market stability and to achieve the interests of producers and consumers.”

He added that Riyadh and Washington enjoy a strategic relationship that supports regional security.

“Military cooperation between Saudi Arabia and the US serves the interests of both countries and has contributed to the stability of the region,” he said.

“Our relationship with the United States (has been) institutional since the relationship between the two countries was established.”

Turning to the war between Russia and Ukraine, Prince Faisal said: “We seek to push the parties to the Ukrainian crisis to dialogue to end the conflict.”

Closer to home, he said “efforts to extend the truce in Yemen are ongoing” and added that the Yemeni government has shown great flexibility and responsibility in its efforts to protect the country’s interests.

Regarding talks with Iran, the minister said they have not yet produced any tangible results and that the Kingdom is looking at entering into a sixth round of negotiations.

On the subject of the relationship between Saudi Arabia and China, Prince Faisal said it is, firstly, economic and with this in mind the two countries have many joint projects in progress.

The minister also expressed his hope that Iraq will “overcome the political turmoil that is currently afflicting it.”

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