Saudi Arabia says Opec+ oil cut ‘purely economic’

Fuel concern: A cleaner wipes a window inside the Opec Secretariat building in Vienna. The Opec move to cut its oil production target has raised worries in Washington about the possibility of higher petrol prices right before the November US mid-term elections. — Bloomberg

CAIRO: Saudi Arabia rejected as “not based on facts” statements criticising the kingdom after a decision by the Organisation of the Petroleum Exporting Countries and its allies (Opec+) last week to cut its oil production target despite US objections, saying it serves the interests of both consumers and producers.

The Opec+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement yesterday.