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RIYADH, October 25 (Reuters) – Saudi Arabia has decided to become “more mature men” in a debate with the United States over oil supply, Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said on Tuesday.
The Saudi-led OPEC+ oil producer group’s decision to cut oil production targets this month sparked a war of words between the White House and Riyadh ahead of the kingdom’s Future Investment Initiative (FII) forum, which attracted US top executives.
The relationship of the two traditional allies has already been strained by the Joe Biden administration’s stance on the 2018 murder of Saudi journalist Jamal Khashoggi and the war in Yemen, as well as Riyadh’s growing ties with China and Russia.
When asked at the FII forum how to get the energy relationship back on track with the United States after the cuts and by December 5 for the expected ceiling price for Russian oil, the Saudi energy minister said: “Saudi Arabia decided to be more mature men and let the dice fall.”
“We hear all the time that you are with or against us, is there room for ‘We stand with the people of Saudi Arabia’?”
Saudi Investment Minister Khalid al-Falih previously said that Riyadh and Washington will tackle the “unfair” discussions by highlighting long-standing institutional and institutional ties.
If you look at the public relations, the institutional aspect, the education system, if you look at our institutions working together, we are very close and we will overcome this last discussion, which I think is out of place,” he said.
Noting that Saudi Arabia and the United States are “solid allies” in the long run, he stressed that the kingdom is “very strong” with Asian partners, including China, the largest importer of Saudi hydrocarbons.
The OPEC+ cut has raised concerns in Washington about the possibility of higher gasoline prices ahead of the November US midterm elections as Democrats seek to retain control over the House and Senate.
Biden promised that after the OPEC+ move, there would be “consequences” for the US’s relations with Saudi Arabia.
Princess Reema bint Bandar Al Saud, the kingdom’s ambassador to Washington, said in an interview with CNN that Saudi Arabia does not side with Russia and has relations with “everyone”.
“And by the way, it’s okay to disagree. We didn’t get along in the past and we got along in the past, but the important thing is to understand the value of this relationship,” he said.
He added that “many people are talking about reorganizing or revising the relationship”, adding that this is a “positive thing” since Saudi Arabia “was not the kingdom five years ago”.
FULL PARTICIPATION IN FII
As in previous years, the three-day FII forum, which began on Tuesday, saw massive participation from Wall Street as well as other industries with strategic interests in the world’s largest oil exporter, Saudi Arabia.
Speaking at the meeting, Jamie Dimon, CEO of JPMorgan Chase & Co, expressed his confidence that Saudi Arabia and the United States will preserve their 75-year alliance.
“I can’t imagine any ally who agrees on everything and doesn’t have a problem – they’ll get over it,” Dimon said. “I am comfortable that people on both sides are working together and that these countries will remain allies in the future and hopefully help the world develop and grow properly.”
The FII is a showcase of the Saudi crown prince’s Vision 2030 development plan to shift the economy away from oil by creating new industries that create jobs for millions of Saudis and attracting foreign capital and talent.
No Biden administration official appeared on the forum on Tuesday. Jared Kushner, who is on good terms with Prince Mohammed and former senior aide to then-President Donald Trump, was a front-row speaker.
The Saudi government invested $2 billion in a firm founded by Kushner after Trump left office.
FII organizers said this year’s edition attracted 7,000 delegates compared to 4,000 last year.
After its opening in 2017, the forum was marred by a Western boycott over the murder of Khashoggi by Saudi agents. The following year it rallied and attracted leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.
Aziz El Yaakoubi, Hadeel Al Sayegh and Rachna Uppal in Riyadh and Nadine Awadalla, Maha El Dahan and Yousef Saba in Dubai; By Ghaida Ghantous and Michael Geory; Editing by Louise Heavens, Mark Potter, Vinay Dwivedi, William Maclean
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