The Saudi defense minister and King Salman's son, Prince Khalid bin Salman on Sunday refuted claims by the U.S. that more than one OPEC member had felt coerced by Saudi Arabia into the decision to trim the oil output and that the kingdom is supporting Russia.
“Although the OPEC+ decision, which was taken unanimously, was due to purely economic reasons, some accused the Kingdom of standing with Russia. Iran is also a member of OPEC, does this mean that the Kingdom is standing with Iran as well?” Khalid bin Salman wrote on Twitter.
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“We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine. It is telling that these false accusations did not come from the Ukrainian government,” he added.
Oil prices fell over 3% on Friday over recession concerns. The United States Brent Oil Fund BNO closed over 3% lower while the Vanguard Energy Index Fund ETF VDE closed over 3.5% lower.
Member Comments: OPEC+ group states reportedly endorsed the agreement following the White House's accusations.
"There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future," Iraq’s oil marketer SOMO said, according to Reuters.
Kuwait Petroleum Corporation CEO Nawaf Saud al-Sabah, too, said the country was keen to maintain a balanced oil market, reported Reuters, citing state news agency KUNA. Oman and Bahrain have stated separately that OPEC had unanimously agreed on the reduction, the report added.
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