Editing OPEC (section)

===2022: Oil production cut===
[[File:Al Nahyan-Putin meeting (2022-10-11) 3.jpg|thumb|[[United Arab Emirates|UAE]]'s President [[Mohamed bin Zayed Al Nahyan]] with Russian president [[Vladimir Putin]], days after OPEC+ cut oil production, 11 October 2022<ref>{{cite news |title=Putin hosts United Arab Emirates leader for economic talks |url=https://apnews.com/article/russia-ukraine-putin-business-abu-dhabi-a51f254dc2a8c8d068d9ca1e6ec0afb1 |work=Associated Press |date=11 October 2022}}</ref>]]
In October 2022, OPEC+ led by Saudi Arabia  announced a large cut to its oil output target in order to aid Russia.<ref>{{cite news |last=Brower |first=Derek |last2=Sheppard |first2=David |last3=England |first3=Andrew |last4=Schwartz |first4=Felicia |date=7 October 2022 |title=The new oil war: Opec moves against the US |url=https://www.ft.com/content/70853af8-b7a4-4a28-bdfe-b4f3e375a1f0 |url-access=subscription |url-status=live |archive-url=https://archive.today/20221030162955/https://www.ft.com/content/70853af8-b7a4-4a28-bdfe-b4f3e375a1f0 |archive-date=30 October 2022 |newspaper=Financial Times}}</ref><ref>{{cite news |last=Sheppard |first=David |last2=Brower |first2=Derek |date=5 October 2022 |title=Saudi Arabia and Russia plan deep oil cuts in defiance of US |url=https://www.ft.com/content/476d8174-1ad5-4dbe-8092-37853b2a7673 |url-access=subscription |url-status=live |archive-url=https://archive.today/20221004182633/https://www.ft.com/content/476d8174-1ad5-4dbe-8092-37853b2a7673 |archive-date=4 October 2022 |newspaper=Financial Times}}</ref> In response, US President [[Joe Biden]] vowed "consequences" and said the US government would "re-evaluate" the longstanding [[Saudi Arabia–United States relations|U.S. relationship with Saudi Arabia]].<ref>{{cite news | url=https://www.reuters.com/world/us-president-biden-re-evaluating-relationship-with-saudi-after-opec-decision-2022-10-11/ | title=Biden vows consequences for Saudi Arabia after OPEC+ decision | newspaper=Reuters | date=13 October 2022 | last1=Holland | first1=Steve }}</ref> [[Robert Menendez]], the Democratic chairman of the U.S. Senate Foreign Relations Committee, called for a freeze on cooperation with and arms sales to Saudi Arabia, accusing the kingdom of helping Russia underwrite its war with Ukraine.<ref>{{Cite news |last=Kirchgaessner |first=Stephanie |last2=Borger |first2=Julian |date=2022-10-13 |title=Democrats issue fresh ultimatum to Saudi Arabia over oil production |url=https://www.theguardian.com/us-news/2022/oct/12/us-democrats-threaten-saudi-arabia-with-arms-freeze-over-oil-output |access-date=2024-12-15 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>

Saudi Arabia's foreign ministry stated that the OPEC+ decision was "purely economic" and taken unanimously by all members of the conglomerate, pushing back on pressure to change its stance on the Russo-Ukrainian War at the UN.<ref>{{cite web |last=Betz |first=Bradford |date=13 October 2022 |title=Saudi Arabia defends OPEC+ oil cut decision as 'purely economic' |url=https://www.foxbusiness.com/politics/saudi-arabia-defends-opec-oil-cut-decision-purely-economic |website=[[Fox Business]]}}</ref><ref>{{cite web |last=Inayatullah |first=Saim Dušan |date=2022-10-13 |title=Saudi Arabia: OPEC+ oil production cut 'purely economic' |url=https://www.dw.com/en/saudi-arabia-opec-decision-to-reduce-oil-production-purely-economic/a-63421428 |website=[[Deutsche Welle]]}}</ref> In response, the White House accused Saudi Arabia of pressuring other OPEC nations into agreeing with the production cut, some of which felt coerced, saying the United States had presented the Saudi government with an analysis showing there was no market basis for the cut. United States National Security Council spokesman [[John Kirby (admiral)|John Kirby]] said the Saudi government knew the decision will "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow, rejecting the Saudi claim that the move was "purely economic".<ref>{{cite news | url=https://www.reuters.com/markets/commodities/white-house-pushes-back-saudi-claim-oil-cut-was-purely-economic-2022-10-13/ | title=Saudi Arabia pushed other OPEC nations into oil cut, White House claims | newspaper=Reuters | date=14 October 2022 }}</ref><ref>{{cite web |last=Northam |first=Jackie |date=13 October 2022 |title=The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers |url=https://www.npr.org/2022/10/13/1128523146/saudi-arabia-russia-opec-oil-cut-biden-congress-washington |website=NPR}}</ref> According to a report in ''The Intercept'', sources and experts said that Saudi Arabia had sought even deeper cuts than Russia, saying Saudi Crown Prince [[Mohammed bin Salman]] wants to sway the [[2022 United States elections]] in favor of the [[Republican Party (United States)|GOP]] and the [[2024 United States presidential election]] in favor of [[Donald Trump]].<ref>{{Cite web |last=Klippenstein |first=Ken |date=2022-10-20 |title=Saudis Sought Oil Production Cut So Deep It Surprised Even Russia |url=https://theintercept.com/2022/10/20/saudi-oil-production-cut/ |url-access=subscription |url-status=live |archive-url=https://archive.today/20221020223536/https://theintercept.com/2022/10/20/saudi-oil-production-cut/ |archive-date=2022-10-20 |access-date=2024-12-15 |website=The Intercept |language=en-US}}</ref> In contrast, Saudi officials maintain that their decision to reduce oil production was driven by concerns over the [[World economy|global economy]], not political motivations. They state that the cuts were a response to the global economic situation and low inventories, which could trigger a rally in [[Price of oil|oil prices]].<ref>{{Cite web |last1=Farchy |first1=Jack |last2=Hordern |first2=Annmarie |last3=Bartenstein |first3=Ben |date=October 6, 2022 |title=Saudi Arabia Snubs Biden and Aids Putin With Oil Output Cut |url=https://www.bloomberg.com/news/articles/2022-10-05/saudi-arabia-enrages-biden-and-aids-putin-with-oil-output-cut?sref=AZ3pROx3 |url-access=subscription |url-status=live |archive-url=https://archive.today/20221006081048/https://www.bloomberg.com/news/articles/2022-10-05/saudi-arabia-enrages-biden-and-aids-putin-with-oil-output-cut |archive-date=6 October 2022 |access-date=2024-05-31 |website=Bloomberg}}</ref> Saudi Arabia affirms its actions by emphasizing its strategic partnership with the U.S., focusing on peace, security, and prosperity.<ref>{{Cite web |title=A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision {{!}} The Embassy of The Kingdom of Saudi Arabia |url=https://www.saudiembassy.net/statements/statement-ministry-foreign-affairs-regarding-statements-issued-about-kingdom-following |access-date=2024-05-31 |website=www.saudiembassy.net}}</ref>

In 2023, the [[International Energy Agency|IEA]] predicted that demand for fossil fuels such as oil, natural gas and coal would reach an all-time high by 2030.<ref>{{cite news |last=Timperley |first=Jocelyn |date=27 July 2023 |title=Is the decline of oil in sight? |url=https://www.bbc.com/future/article/20230726-an-experts-guide-to-peak-oil-and-what-it-really-means |publisher=BBC}}</ref> OPEC rejected the IEA's forecast, saying "what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects."<ref>{{cite news |title=OPEC says IEA estimate of peak fossil fuel demand by 2030 not 'fact-based' |url=https://www.reuters.com/business/energy/opec-says-iea-estimate-peak-fossil-fuel-demand-by-2030-not-fact-based-2023-09-14/ |work=Reuters |date=14 September 2023}}</ref>

In November 2024, [[S&P Global]] alleged that the UAE ignored the OPEC’s oil production cuts and produced around 700,000 barrels more than the agreed quota, that is, 2.91m barrels per day. Analysts asserted that the Emirates’ “quota busting” would underestimate Saudi and Russia’s efforts to increase oil prices by cutting production. While Russia was seeking to fund its war with Ukraine, Saudi had its own plans of diversifying the economy.<ref>{{cite news|title=UAE accused of defying Opec oil cartel |url=https://www.telegraph.co.uk/business/2024/11/27/uae-accused-of-defying-opec-oil-cartel/ |newspaper=The Telegraph |date=27 November 2024}}
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