Home Business News President Biden warns there ‘will be consequences’ as Saudi are helping to ‘underwrite Putin’s war through the OPEC cartel’

President Biden warns there ‘will be consequences’ as Saudi are helping to ‘underwrite Putin’s war through the OPEC cartel’

12th Oct 22 11:15 am

The US President Joe Biden has warned Saudi Arabia that there “will be consequences” as Riyadh are to cut production by 2 million barrels of oil per day from November and Moscow will benefit from this.

The Organization of the Petroleum Exporting Countries (OPEC) are to make a reduction in production which has caused a fall in relations between Riyadh and Washington.

Since Vladimir Putin invaded Ukraine global oil markets have been impacted and exportation to the West will most likely benefit Moscow.

The US National Security spokesperson John Kirby said that he believes President Biden should now “review the bilateral relationship with Saudi Arabia.”

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This will “take a look to see if that relationship is where it needs to be and that it is serving our national security interests.”

President Biden told CNN anchor Jake Tapper, “There’s going to be some consequences for what they’ve done with Russia.”

He added, “I’m not going to get into what I’d consider and what I have in mind.

“But there will be – there will be consequences.”

Kremlin spokesperson Dmitry Peskov is thankful for the “balanced, thoughtful and planned work of the countries” who took “a responsible position within OPEC [that] is opposed to the actions of the US.”

Cited by Russian state news agencies, Peskov added, “This at least balances the mayhem that the Americans are causing.”

Bob Menendez, senior Democratic senator and chair of the Senate Foreign Relations Committee has called on the US to “immediately freeze all aspects of our cooperation with Saudi Arabia.”

This would include any military-related sales, all national security sharing which is not “absolutely necessary” for the United States.

Mendez also said that the he “will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine.

“Enough is enough,” adding that Saudi Arabai are helping to “underwrite Putin’s war through the OPEC cartel.”

He concluded that this is “a terrible decision driven by economic self-interest” by OPEC to cut oil production.

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