Saudi Arabia says U.S. sought one month delay of OPEC+ production cuts

A statement by the Saudi Foreign Ministry acknowledged that the kingdom had been talking to the U.S. about postponing OPEC+'s two million barrel cut announced last week.

Saudi Arabia said on October 13 that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.

A statement issued by the Saudi Foreign Ministry didn't specifically mention the November 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. “suggested” the cuts be delayed by a month. In the end, OPEC announced the cuts at its October 5 meeting in Vienna.

Holding off on cuts would have meant implementing them just before the November 8 election — at a time when they likely couldn't drastically influence prices at the pump.

Rising oil prices — and by extension higher gasoline prices — have been a key driver of inflation in the U.S. and around the world, worsening global economic woes as Russia's months-long war on Ukraine also has disrupted global food supplies. For Mr. Biden, gasoline prices creeping up could affect voters. He and many lawmakers have warned that America's long-time security-based relationship with the kingdom could be reconsidered.

The White House has rejected any attempts to link the OPEC request to the elections, but Saudi Arabia issuing a rare, lengthy statement shows just how tense relations are between the two countries. Ties have been fraught since the 2018 killing and dismemberment of Washington Post columnist Jamal Khashoggi, which Washington believes came on the orders of Saudi Crown Prince Mohammed bin Salman. Meanwhile, higher energy prices provide a weapon Russia can use against the West, which has been arming and supporting Ukraine.

The statement by the Saudi Foreign Ministry acknowledged that the kingdom had been talking to the U.S. about postponing OPEC+'s two million barrel cut announced last week.

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