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Pakistan expresses solidarity with Saudi Arabia on OPEC+ issue

FO encourages constructive approach based on engagement and mutual respect
Saudi Crown Prince Mohammed bin Salman meets Prime Minister Shehbaz Sharif upon his arrival in Jeddah, April 29, 2022. Image via REUTERS/FILE
Saudi Crown Prince Mohammed bin Salman meets Prime Minister Shehbaz Sharif upon his arrival in Jeddah, April 29, 2022. Image via REUTERS/FILE

ISLAMABAD: Pakistan, in the wake of statements made against Saudi Arabia in the context of the Organization of Oil Exporting Countries (OPEC+) decision, has expressed solidarity with the leadership of the kingdom.

“We appreciate the concerns of the Kingdom of Saudi Arabia for avoiding market volatility and ensuring global economic stability,” the Foreign Office said in a statement issued on Tuesday.

“Pakistan encourages a constructive approach on such issues based on engagement and mutual respect,” Pakistan FO added.

Earlier, Saudi Arabia rejected “not based on facts” criticism of an Opec+ decision last week to cut its oil production target despite United States objections and said Washington’s request to delay the cut by a month would have had negative economic consequences.

“We reaffirm our long-standing, abiding, and fraternal ties with the Kingdom of Saudi Arabia,” the FO added.

Read: Oil prices rise on supply woes

US President Joe Biden pledged last week that “there will be consequences” for US relations with Saudi Arabia after Opec+ it would cut its oil production target by two million barrels per day.

“The Kingdom clarified through its continuous consultations 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 Saudi foreign ministry statement said.

The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine.

US crude oil stocks fell by about 1.3 million barrels for the week ended Oct 14, according to market sources citing American Petroleum Institute figures on Tuesday.

Earlier in October, OPEC+ - which comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia - agreed on a steep oil production cut of 2 million barrels per day.

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