Thursday, March 16, 2023

Saudi Arabia will stop oil supplies to countries that set a price ceiling on its oil

    Thursday, March 16, 2023   No comments

In another guesture in support of Russia and dismiss of EU actions, Saudi Arabia announced that it will stop oil supplies to countries that set a price ceiling on its oil

This was stated by the Minister of Energy of the Kingdom, Prince Abdulaziz bin Salman.

In his view, price ceilings set for a country or a group of countries, for oil or any other commodity, will lead to individual or collective responses with serious consequences.

"So if there is a price cap on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supplies, and we will cut oil production, and I would not be surprised if others do the same," he said. the minister said.

The Saudi Energy Minister, Abdulaziz bin Salman, and the Russian Deputy Prime Minister, Alexander Novak, confirmed during their meeting in Riyadh, today, Thursday, their countries’ commitment to the decision taken by “OPEC +” to reduce oil production by two million barrels per day until the end of 2023.

The Saudi Press Agency, "SPA", stated that bin Salman and Novak discussed the conditions of the global oil market, and the efforts of the "OPEC +" group aimed at "enhancing market stability and balance."

The two sides affirmed their countries' commitment to the decision taken by the "OPEC +" group, last October, to reduce production by two million barrels per day until the end of 2023, and the continuation of cooperation between the two countries, within the framework of the group, to enhance the stability and balance of the global market.


A few days ago, the US Assistant Secretary of State for Economic and Energy Affairs, Jose Fernandez, called on oil-producing countries, including the Organization of Petroleum Exporting Countries (OPEC), to "increase the quantities of crude supplied in the markets."


And in early October 2022, “OPEC +” decided to reduce its production by two million barrels per day, at a level that it has not changed since then.


It is noteworthy that the American "The Intercept" website had previously stated, quoting informed Saudi sources, that Riyadh had pressured to cut oil production twice more than what Russian President Vladimir Putin had requested.


On October 14, a spokesman for the National Security Council at the White House, John Kirby, said that "more than one member" of "OPEC +", without specifying them, disagreed about the size of the cut, but Saudi Arabia forced them to agree to it.

 


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