Wednesday, October 8, 2025

Latest

Saudi Arabia Slams Joe Biden’s Attempts To Delay OPEC+ Oil Output Cutback

The Kingdom of Saudi Arabia issued a statement to clarify matters surrounding the OPEC+ decision to make its sharpest output cut since the beginning of the COVID-19 pandemic.

The government’s foreign ministry reaffirmed that the organization of oil-exporting states made the decision to slash oil production should not be characterized as “taking sides in international conflicts” and “politically motived against the United States of America.”

“The Government of the Kingdom of Saudi Arabia would first like to express its total rejection of these statements that are not based on facts, and which are based on portraying the OPEC+ decision out of its purely economic context,” the kingdom said in its statement.

OPEC and its allies agreed last week in Vienna to proceed with cutting oil production by 2 million barrels per day come November, which amounts to about 2% of total global demand–the biggest cut it implemented since the pandemic.

The White House reportedly used all available resources to lobby the oil cartel ahead of their Vienna meeting, and is now left “having a spasm and panicking,” according to the people familiar with the matter. US President Joe Biden said he is “concerned” with OPEC’s decision, going as far as to call the move “a hostile act” and a “total disaster.”

But the Middle Eastern state–considered the de facto leader of the oil-exporting nations–countered this argument in its statement. The kingdom revealed that the Biden administration–through continuous consultation–has been asking to delay the planned oil output cut by a month.

However, OPEC+ seemingly thumbed down the request, citing the delay “would have had negative economic consequences.”

As to the allusions of taking sides in the global conflicts, the Kingdom reiterated that it will not change its “principled position” regarding the Russia-Ukraine war, “including its vote to support UN resolutions” related to the crisis.

OPEC, for its part, reminded Washington that the group is a “technical organization” rather than a political one, and won’t cater to Biden’s demands even if it means damaging relations with the US.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

“No One’s Pushing Me Out”: President Biden Resolute in Face of Growing Pressure to Exit Race

President Joe Biden has firmly rejected calls to withdraw from the 2024 presidential race, vowing...

Thursday, July 4, 2024, 10:27:00 AM

Saudi Arabia Mulls Building Gold Refineries to Cut Down on Foreign Processing Costs

Saudi Arabia is considering building its own gold refineries in an effort to reduce costs...

Sunday, June 12, 2022, 01:04:00 PM

Biden Administration Proposes $80 Billion for IRS to Help Curb Tax Evasion

In an effort to pay for a number of new trillion-dollar spending proposals, US President...

Wednesday, April 28, 2021, 10:23:00 AM

US Moves Again To Boost Local Nuclear Industry

The Biden administration has announced steps to bolster the domestic nuclear industry and advance America’s...

Thursday, May 30, 2024, 02:40:00 PM

Joe Biden Gets Ridiculed During State of the Union Speech, Trump Issues “Real” Version

US President Joe Biden’s State of the Union address was so ill-received the audience erupted...

Thursday, February 9, 2023, 06:11:00 AM