Saudi minister explains cuts in oil production

WASHINGTON, Oct 8 – PRIME In deciding to cut oil production, Saudi Arabia did not aim to harm the United States, said Saudi Foreign Minister Adel al-Jubeir.

“The idea that Saudi Arabia did this to hurt the US or somehow get involved politically is completely wrong,” he said in an interview with Fox News.

According to him, the reason for the high prices for gasoline in the United States is not the fault of Saudi Arabia, but the lack of sufficient refining capacity in the United States.

“You have a refining deficit, you haven’t built refineries for decades,” he said.

OPEC+ has agreed to cut oil production by 2 million barrels per day from November, and will take production levels agreed upon for August as a baseline. OPEC+ explained its decision by uncertainties around the global economy and forecasts for the oil market.

US President Joe Biden called the decision disappointing and short-sighted, and said the administration will consult with Congress on additional tools and opportunities to reduce OPEC’s energy price controls. Secretary of State Anthony Blinken promised retaliation against Saudi Arabia.