Saudi Minister of State for Foreign Affairs Adel Al-Jubeir stated that the Kingdom does not politicize oil or decisions related to it, emphasizing that oil is not a weapon. In statements to Fox News, Al-Jubeir stressed that his country does not seek to use oil as a weapon against the United States, and that the OPEC+ decision to cut oil production was made in favor of the global economy. He added, "Oil is not a weapon; it is not a fighter jet or a tank, and it cannot be fired. Oil is an important commodity for our economy. To say that the Kingdom is doing this to harm the United States or for any political reasons is fundamentally incorrect."
Al-Jubeir confirmed that Saudi Arabia wants to maintain stability in the oil market for the benefit of buyers and oil-producing countries. He noted that global economic growth is slowing, which is why OPEC+ members decided to reduce oil production as a precautionary measure to prevent "a collapse in the energy market."
Earlier, the OPEC+ group decided to cut oil production by two million barrels per day starting in November, extending the production cut agreement until the end of 2023. OPEC+ explained that this decision was made due to uncertainties surrounding the global economy and expectations regarding the global oil market. For his part, U.S. President Joe Biden described the decision as disappointing and short-sighted, stating that his administration would consult with Congress on additional tools and options to reduce OPEC's ability to control and set energy resource prices.
