Saudi Arabia and US will likely work out problems: JPMorgan CEO and Saudi minister

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Saudi Arabia and the US will likely work out their current problems, JPMorgan Chase CEO Jamie Dimon and Saudi investment minister Khalid al-Falih said on Tuesday.

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Addressing deteriorating relations after a recent OPEC+ decision to cut oil supply, al-Falih characterized tensions as a “spat” that both sides will recover from.

“We’ve been through a lot, but long term we’re solid allies…,” he said during a separate panel. “We’re going to get over this recent spat which I think was unwarranted and was a misunderstanding, hopefully.”

Dimon added that the longtime allies are likely to resolve their issues.

“Saudi Arabia and the US have been allies for 75 years. I can’t imagine any allies agreeing on everything and not having problems… I’m comfortable that folks on both sides will work it through,” he said during the sixth edition of the Future Investment Initiative (FII) summit in Riyadh.

The governor of the Kingdom’s influential Public Investment Fund (PIF) also acknowledged that geopolitical problems are a “fact,” and that countries have to both invest in themselves and choose the right allies.

“The geopolitical stuff is a fact -- that’s what’s happening today in the world,” said Yasir al-Rumayyan, governor of the Kingdom’s PIF and chairman of the FII Institute.

“You have to have the right partners but you have to invest in yourself… it’s a combination. You cannot take one end versus the other. You should work in the middle.”

Tensions have flared between the two countries, historically allied over regional security, since Joe Biden assumed the US presidency in 2021.

Relations have become increasingly strained in recent weeks since OPEC+ announced its production cut, which was ostensibly seen by the White House as Saudi Arabia aligning itself with Russia.

The Kingdom, OPEC’s largest oil producer, denied the accusation and said that it was a purely economic decision intended to stabilize a volatile oil market.

Biden’s administration even tried to pressure American companies to not attend the summit, according to reports citing current and former US officials.

The White House on Monday “categorically” denied the claims.

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