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Is OPEC ‘aligning with Russia’ after production cuts?

https://www.aljazeera.com/news/2022/10/7/is-opec-aligning-with-russia-after-production-cuts

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output.

Saudi Arabia's Minister of Energy Abdulaziz bin Salman speaks during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna
Saudi Arabia's Minister of Energy Abdulaziz bin Salman spoke at the OPEC+ meeting in Vienna [Vladimir Simicek/AFP]
By Federica Marsi
Published On 7 Oct 2022
7 Oct 2022
A decision by the OPEC+ alliance of oil-exporting countries to sharply cut production and boost crude prices has dealt a blow to consuming nations, prompting accusations that Gulf producers are siding with Russia at the expense of the United States and its Western allies.

The 13-nation OPEC group, plus 10 allies led by Moscow, agreed at a meeting in Vienna to slash output by two million barrels per day (bpd) starting in November, the group announced in a statement on Wednesday.

KEEP READING
list of 3 items
list 1 of 3
Why is OPEC+ cutting oil production and what’s next?
list 2 of 3
Should Europe shelter Russians fleeing mobilisation?
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OPEC+ cuts oil production by 2m barrels a day despite US pressure
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The Biden administration, which for months has engaged in diplomatic efforts to dissuade its Middle Eastern allies from cutting oil production, reacted frustrated at the prospect of pump prices increasing further before a key midterm election.

White House press secretary Karine Jean-Pierre told reporters on Wednesday that the OPEC+ decision was “short-sighted” as the global economy was still languishing from “the continued negative impact of [Russian President Vladimir] Putin’s invasion of Ukraine”.

“It’s clear that OPEC+ is aligning with Russia with today’s announcement,” Jean-Pierre concluded.

But OPEC has denied that accusation. The group’s secretary-general, Haitham al-Ghais, on Friday said, “This was not a decision from one country against another.”


“I want to be clear in saying this, and it’s not a decision from two or three countries against a group of other countries,” al-Ghais told Al Arabiya TV.

Saudi Arabia, one of the main players in OPEC, also said the move was necessary to respond to rising interest rates in the West and a weaker global economy.

“Show me where is the act of belligerence,” energy minister Prince Abdulaziz bin Salman said, adding that markets required “guidance without which investment would not happen”.

A gamble on high prices
Kuwait’s acting oil minister, Mohammed al-Fares, said on Wednesday that while the alliance understood consumers’ concerns over soaring prices, their main concern was “maintaining balance between supply and demand”.