Thursday , December 1 2022

Saudi Arabia Steps Forward, Supported by the UAE; The American Threat was not Worth it

Riyadh: Saudi Arabia and UAE support OPEC decision to cut oil production.  Saudi Arabia is set to go ahead with the decision after the United States warned of economic uncertainty ahead for the world.  With the UAE’s support for this, it is certain that OPEC will go ahead with the decision.

The latest developments show a sharp divide between the US and the Gulf Arab states.  Meanwhile, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman indicated that the upcoming UN Climate Change Summit will be held in Egypt and the United Arab Emirates.

“We owe nothing but ourselves,” he said.  Emirati Energy Minister Suhail Al Masroui also underlined this.  At the same time, OPEC and its allies are only a phone call away if they need to increase production, he said.

OPEC, led by Saudi Arabia, said its decision stemmed from concerns about the global economy.  Meanwhile, the United States says the decision will lead to a major economic recession.  US President Joe Biden has openly said that there are going to be some consequences for what Saudi did.

OPEC, led by Saudi Arabia, said its decision stemmed from concerns about the global economy.  Meanwhile, the United States says the decision will lead to a major economic recession.  US President Joe Biden has openly said that there are going to be some consequences for what Saudi did.

But Saudi Arabia also hit back, claiming the Biden administration sought the one-month delay to help reduce the risk of gas price spikes ahead of the Nov. 8 U.S. midterm elections.  Relations between the two countries have been strained since Saudi security forces brutally killed Washington Post columnist Jamal Khashoggi in 2018.

At the same time, Russia came out in support of Saudi Arabia’s efforts to stabilize the oil market.  Criticism is also rising that the OPEC countries’ decision to cut oil production is an attempt by Saudi Arabia to get closer to Russia.

About Farsana Akbar

A Passionated & SEO Based Experienced Techncal & Blog Content Creator and Review Writer from Tirur , Kerala.

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