OPEC
2022: oil production cut

In October 2022, OPEC+ led by Saudi Arabia announced a large cut to its oil output target in order to aid Russia. In response, US President Joe Biden vowed "consequences" and said the US government would "re-evaluate" the longstanding U.S. relationship with Saudi Arabia. Robert Menendez, the Democratic chairman of the U.S. Senate Foreign Relations Committee, called for a freeze on cooperation with and arms sales to Saudi Arabia, accusing the kingdom of helping Russia underwrite its war with Ukraine.

Saudi Arabia's foreign ministry stated that the OPEC+ decision was "purely economic" and taken unanimously by all members of the conglomerate, pushing back on pressure to change its stance on the Russo-Ukrainian War at the UN. In response, the White House accused Saudi Arabia of pressuring other OPEC nations into agreeing with the production cut, some of which felt coerced, saying the United States had presented the Saudi government with an analysis showing there was no market basis for the cut. United States National Security Council spokesman John Kirby said the Saudi government knew the decision will "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow, rejecting the Saudi claim that the move was "purely economic". According to a report in The Intercept, sources and experts said that Saudi Arabia had sought even deeper cuts than Russia, saying Saudi Crown Prince Mohammed bin Salman wants to sway the 2022 United States elections in favor of the GOP and the 2024 United States presidential election in favor of Donald Trump. In contrast, Saudi officials maintain that their decision to reduce oil production was driven by concerns over the global economy, not political motivations. They state that the cuts were a response to the global economic situation and low inventories, which could trigger a rally in oil prices. Saudi Arabia affirms its actions by emphasizing its strategic partnership with the U.S., focusing on peace, security, and prosperity.

In 2023, the IEA predicted that demand for fossil fuels such as oil, natural gas and coal would reach an all-time high by 2030. OPEC rejected the IEA's forecast, saying "what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects."
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