[Text/Observer Network Xiong Chaoran] The United States and Saudi Arabia have recently had a fierce confrontation due to the issue of oil production cuts, and relations between the two countries have continued to decline. At this time, the "Future Investment Initiative" Conference (FII), known as "Davos in the Desert", opened on October 25 local time in Saudi capital Riyadh .
At this conference, Saudi Arabia did not invite US government officials as in previous years, but the issues discussed at the conference are still inseparable from Saudi-US relations. On the 25th, Saudi Energy Minister Abdulaziz bin Salman said that in the oil supply dispute with the United States, Saudi Arabia decided to be a "more mature person."
The Saudi energy minister further pointed out that in the past, he had always heard the voice of the United States asking Saudi Arabia to "take a side" and demanded that Saudi Arabia make a decision to "support or oppose the United States". He asked the United States back: "Is there any room for standing with the people of Saudi Arabia?"
In addition to him, Saudi Arabia's investment minister and Saudi ambassador to the United States also emphasized that Saudi Arabia has not helped Russia, and Saudi Arabia is still a "solid ally", but Saudi Arabia also hopes to contact "everyone" and its relationship with Asian partners, including China, is also "very solid and powerful."
Reuters report screenshot
According to Reuters, the alliance of oil exporting countries led by Saudi Arabia OPEC + (OPEC+) announced in early October that it had decided to cut oil production by 2 million barrels per day from November. This is the largest oil production cut since the epidemic, equivalent to about 2% of global oil demand.
Saudi Arabia believes that this move is "purely due to economic factors, not political factors" in order to balance and stability of the oil market; while the United States believes that Saudi Arabia's move may lead to a sharp surge in oil prices, which will bring further pressure to Western consumers, and at the same time, "borrowing oil prices has helped Russia." To this end, a fierce war of words broke out between Washington and Riyadh recently.
At the "Future Investment Initiative" conference held on the 25th, when asked about oil production cuts and how the energy relations between Saudi Arabia and the United States can get back on track, Saudi Energy Minister Abdul-Aziz bin Salman said bluntly: "I think we Saudi Arabia decide to be a more mature person and let the risks decrease."
What he said later was more obvious to the United States: "We have been hearing you say, 'either support us or oppose us', is there any room for 'we stand with the Saudi Arabian people'?"
Saudi Energy Minister Abdul-Aziz bin Salman attended the "Future Investment Initiative" conference on October 25, Photo from Reuters
Reuters pointed out that whether it is the Biden administration's position on the "Kashukgi murder case" and the Yemen conflict , or the increasingly close relationship between Saudi Arabia and China and Russia, these have made the relationship between Saudi Arabia, the two traditional allies, increasingly tense.
In response, Saudi Investment Minister Khalid al-Falih had earlier stated that Riyadh and Washington would overcome the "founded quarrel" between the two sides. He said: "If you look at our relationship with people, businesses, education systems, and you will see our institutions working together, we are very close, and we will overcome the quarrels I think are unfounded recently."
Although Falih pointed out that Saudi Arabia is a long-term "solid allies", he still emphasized that Saudi Arabia's relationship with Asian partners, including China, is also "very solid and powerful."
Now, the US midterm election is approaching, and the news that OPEC+ announced a reduction in oil production has made the two parties, especially the Democratic Party, "indignant". While accusing Saudi Arabia, they have called for "revenge" and even "severe diplomatic relations." US President Biden also said in an interview on October 11 that he believes it is time to "re-examine" the relationship between the United States and Saudi Arabia and threaten Saudi Arabia to face some "consequences".
Princess Reema Bint Bandar Al-Saud, Saudi Ambassad to Washington, said in an interview with CNN (CNN) that Saudi Arabia did not stand on Russia's side, but contacted "everyone". She said that it doesn't matter if she disagrees with this statement. Saudi Arabia and the United States have had differences and consensus in the past, but it is important to recognize the value of this bilateral relationship.
It is reported that the "FII Institute" behind the "Future Investment Initiative" conference is led by Moroccan Richard Attias. The institution is not affiliated with the Saudi government, but its annual conference in Riyadh is closely related to Saudi Crown Prince Mohammed bin Salman and was initiated by the Crown Prince himself.
Data picture: Saudi Crown Prince Mohammed bin Salman attended the previous "Future Investment Initiative" conference
As early as before the opening of this year's conference, the organizers of the conference revealed that unlike previous years, since they did not want this conference to become a "political platform", Saudi Arabia did not invite US government officials to attend the conference this year.
Reuters reported that although officials from the Biden administration did not appear at the conference, former US President Trump son-in-law Kushner , who is close to the Saudi crown prince, appeared at the conference and made a speech. After Trump stepped down, the Saudi government reportedly invested about $2 billion in a company established by his son-in-law Kushner.
After the first "Future Investment Initiative" conference in 2017, this conference was boycotted by the West for the "Kashukgi murder case", but in the following years, it once again attracted leaders and companies from various countries with strategic interests in Saudi Arabia. The conference organizer said that compared with the scale of about 4,000 delegates attending the conference last year, this year's conference attracted about 7,000 delegates, including many people on Wall Street.
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