Saudi King "Committed to Oil Market Stability and Balance"... Maintains Production Cut Decision

"Iran Must Uphold Nuclear Obligations"... Indirect Criticism of JCPOA
White House Indicates Possible Changes in Saudi Security Support

[Image source=Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Salman bin Abdulaziz, King of Saudi Arabia, defended the OPEC+ production cut decision amid U.S. backlash, stating that Saudi Arabia is striving for stability and balance in the oil market. He also pressured Iran to comply with its nuclear obligations and indirectly criticized the ongoing U.S.-Iran negotiations to restore the Iran nuclear deal (JCPOA - Joint Comprehensive Plan of Action).

On the 16th (local time), King Salman emphasized in a speech at the State Advisory Council, "Saudi Arabia is working to support the stability and balance of the international oil market," adding, "Saudi Arabia plays a key role in establishing and maintaining the OPEC+ agreement, pursuing market stability and sustainability."

King Salman also mentioned the release of 10 prisoners of war of various nationalities, including Americans, in Russia last month through mediation by Crown Prince Mohammed bin Salman, highlighting, "Saudi Arabia is a mediator of peace." On the other hand, regarding Iran, he stated, "We urge Iran to properly fulfill its nuclear-related obligations and sincerely cooperate with the International Atomic Energy Agency (IAEA)," expressing dissatisfaction with the U.S. efforts to restore the Iran nuclear deal.

King Salman's remarks are interpreted as defending OPEC+'s daily production cut of 2 million barrels, which recently triggered strong U.S. opposition. Earlier on the 12th, the Saudi government actively explained to the U.S., which opposed the OPEC+ cut decision, saying, "If the production cut decision is delayed by a month as proposed by the U.S. government, more negative economic consequences will occur."

The Biden administration in the U.S. has strongly opposed, hinting at a possible reduction in military support to Saudi Arabia. On the same day, Jake Sullivan, U.S. National Security Advisor, appeared on CNN and said, "There may be a change in the approach to Saudi security support," adding, "President Biden will act systematically and strategically and will take time to consult with Congress."

Previously, the Biden administration requested Saudi Arabia to delay the production cut decision by about a month, but it was reportedly rejected by Saudi Arabia. Since then, the U.S. political circles have strongly opposed Saudi Arabia's production cut decision, which could aid Russia, and a proposal to suspend military support to Saudi Arabia for one year has been raised, mainly in Congress.

This content was produced with the assistance of AI translation services.