Joe Biden threatened Saudi Arabia Tuesday during a CNN interview with Jake Tapper. Biden told Tapper that Saudi Arabia will face "consequences" for the oil production cuts it announced last week if it does not increase production again. The threat comes a month ahead of the November midterm election which the Democrats are expected to do poorly in.
Less than 24 hours after Biden threatened the U.S. ally, Saudia Arabia's Ministry of Foreign Affairs issued a statement regarding the OPEC+ cut in oil production and Biden's threats regarding the same.
The statement confirmed that Biden had wanted OPEC+ to delay the cut in production and cost of oil by a full month, presumably until after the midterm elections in November.
It read, "The Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences."
The statement went on to reaffirm that OPEC+ bases its decisions on what is best for the global economy and the oil market stating, "The Kingdom stresses that while it strives to preserve the strength of its relations with all friendly countries, it affirms its rejection of any dictates, actions, or efforts to distort its noble objectives to protect the global economy from oil market volatility. Resolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries."
The White House has yet to address Biden's actions or respond to the Saudi's statement. The incident is also expected to lead to Congressional hearings.
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