Saudi energy minister says countries should not abuse oil stocks | Whuff News

  • Saudi minister says emergency stocks used to manipulate markets
  • He says the kingdom remains a reliable and stable oil supplier
  • He says we are in Saudi Arabia, not with or against anyone

RIYADH, Oct 25 (Reuters) – Saudi Arabia’s energy minister, Prince Abdul Aziz bin Salman, said on Tuesday some countries are using their emergency stocks to create markets when their aim should be to ease any supply shortages.

The comments appeared to criticize US President Joe Biden’s decision to sell oil from the nation’s oil emergency as he tries to lower fuel prices ahead of the midterm elections on November 8.

“It is my serious duty to make it clear to the world that the loss of (releasing) emergency stocks could be painful in the coming months,” the Saudi minister told the Future Investment Initiative (FII) conference in Riyadh.

He also said Saudi Arabia remained the world’s most reliable oil supplier and increased its sales to Europe to 950,000 barrels in September from 490,000 barrels in the same period last year.

Relations with the United States deteriorated earlier this month when the OPEC+ group of oil producers, where Saudi is the de facto leader, decided to cut production, prompting the Biden administration to warn that there will be “consequences” for US relations and Riyadh.

The prince said Saudi Arabia chose to be a “mature person” when asked about how to get the energy relationship with the US back on track.

“I keep hearing that you are with us or against us? Is there any place for us to be in Saudi Arabia and the people of Saudi Arabia,” he said.

Reporting by Aziz El Yaakoubi, Maha El Dahan and Nadine Awadalla, editing by Louise Heavens and Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.

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