On Monday, OPEC+ announced a production cut of 1.66 million barrels per day (bpd) starting in May.
The chairman of the Saudi Elite group, Mohammed Alhamed, said on Tuesday that OPEC+ production cuts have brought stability to the oil market.
Cuts in production have brought "stability and transparency to the oil market, which has benefited the global economy while many U.S. banks face bankruptcy," the geopolitical analyst and economist told Sputnik news agency.
As for the U.S. rejection of OPEC+'s move, Alhamed said the organization "operates independently and has the right to make decisions that benefit its members."
Noting the "significant efforts" made by Saudi Arabia and OPEC+ toward oil market stability, the analyst said Washington should "focus on addressing its own oil and climate change agenda before criticizing other countries."
The #UnitedStates , still a major oil producer itself, should "focus on addressing its own oil and #climate change #agenda before criticizing other countries," "#SaudiArabia and OPEC+ have made significant efforts to bring stability to the #oil #market and should be commended for…— Mohammed Alhamed (@M7Alhamed) April 5, 2023
On Monday, OPEC+ announced a production cut of 1.66 million barrels per day (bpd) that will begin in May and last until the end of this year.
Upon the news, Russia said it could also extend its 500 000 bpd production cut until the end of this year, according to Russia's deputy prime minister
These measures have undermined U.S.-led attempts to limit the export price of Russian oil, said the president of Saudi Elite Group.
According to Professor Mark Frost also in statements to Sputnik, runaway inflation caused by sanctions on Russia, coupled with interest rate hikes by the U.S. Federal Reserve, will lead to millions of people starving.
The U.S., the UK, the EU, and Japan agreed earlier this year to a 60-dollar-per-barrel cap on the price of Russian crude as punishment for Moscow's ongoing special military operation in Ukraine. A cap of 100 dollars was also imposed on refined gasoline and diesel and 45 dollars on domestic fuel oil.