Saudis say US sought 1 month delay of OPEC+ production cuts – The Peninsula

Saudis say US sought 1 month delay of OPEC+ production cuts – The Peninsula

Dubai: Saudi Arabia said on Thursday that the US 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 US midterm elections next month.

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

Holding off on cuts would have meant implementing them just before the 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 US and around the world, worsening global economic woes as Russia's months-long war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up could affect voters. He and many lawmakers have warned that America's longtime security-based relationship