A statement by an official at the Foreign Ministry of Saudi Arabia claims the Biden administration, in an attempt to keep gas prices down at least temporarily, asked for a delay of the kingdom’s oil production cut and the subsequent effects until after the midterm elections.
OPEC announced last week that it was slashing oil production by about two million barrels per day when gas prices are already sky-high.
The move follows a Biden administration that, according to CNN, “launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production.”
State Department spokesman Ned Price skirted questions about reports that the White House had practically begged Saudi Arabia to hold off on the bad news as the midterms were approaching.
“I certainly can’t confirm that report,” Price said. “What I can confirm is that we conveyed a consistent message to the Saudis: energy supply needs to meet energy demand.”
BREAKING: The Kingdom of Saudi Arabia confirms Biden attempted to coerce them to postpone oil cuts until after the midterms, announce they have rejected his quid pro quo pic.twitter.com/MGNRbZVrRk
— Jack Posobiec (@JackPosobiec) October 13, 2022
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Saudis Say Biden Wanted to Halt Oil Production Cut Until After the Election
An official statement by the Saudi Arabian embassy just hours after Price’s comments seems to suggest the United States did specifically ask for a pause on the oil production cut to time with the midterm elections.
“The Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences,” the statement reads.
Asking a foreign nation for a favor that could help sway the elections would be awfully quid pro quo-ish, wouldn’t it?
Saudi Arabia defends oil production cuts while publicly suggesting US asked them to delay until after midterms (which Biden admin denies)
Statement from SA seems more defensive than conciliatoryhttps://t.co/BGRSf2hpec @derek_brower @JamesPoliti
— David Sheppard (@OilSheppard) October 13, 2022
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Biden Admin Denies Cut Was Purely Economic
The Biden administration issued a strongly worded statement denying that there was any economic basis for Saudi Arabia to cut oil production.
“The Saudi Foreign Ministry can try to spin or deflect, but the facts are simple,” White House spokesman John Kirby said in a statement.
Kirby claims other nations “felt coerced to support Saudi’s direction.”
The White House is responding with an unusually strong on-the-record statement to the overnight communiqué from the Saudi Foreign Ministry on the OPEC+ oil production cuts.
Riyadh-Washington oil relations deteriorating very, very rapidly | #OOTT #SaudiArabia h/t @Phil_Mattingly pic.twitter.com/AsbfUB19KL
— Javier Blas (@JavierBlas) October 13, 2022
Kirby claimed Saudi Arabia was told “they could easily wait for the next OPEC meeting to see how things developed” before making a move on oil production.
The 34th OPEC meeting is slated to be held on December 4th, after the 2022 midterm elections.
Kirby said the Biden administration is, as a result of the oil production cut and subsequent spin, “reevaluating our relationship with Saudi Arabia.”
The Daily Mail reports that the prevailing belief is that Saudi Crown Prince Mohammed bin Salman “ordered the cut at least in part to spite Biden and Democrats in the midterm elections.”
President Biden visited bin Salman over the summer and was accused of begging in an effort to increase oil production and lower gas prices.
During the 2020 presidential campaign, Joe Biden vowed to hold Saudi Arabia accountable and treat them as a “pariah” while declaring declaring their government to have “very little social redeeming value.”
As OPEC has confirmed they are raising oil prices we know that the fist bump between President Joe Biden and MBS and kissing Saudi butt did not assist.
These regimes do not kowtow to weak presidents. pic.twitter.com/nQqQgGFLGj
— Carmine Sabia (@CarmineSabia) October 6, 2022
Production cuts by Saudi Arabia have already been felt on the market. Gas prices are back up to $3.91 for the average cost per gallon. And it might get worse.
“Consumers should anticipate that gas prices particularly going into the winter months can firm back up again,” says Mary Ann Bartels, chief investment strategist at Sanctuary Wealth.
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