Saudi Arabian energy companies will cut oil production if Western countries set ceiling prices for raw materials from the Middle East country. Words of Prince Abdulaziz bin Salman, Minister of Energy of the Kingdom opens energy intelligence
For the foreseeable future, such measures will lead to volatility and instability in supplies in the global energy market. For this reason, he declared that Saudi Arabia would have to respond to such steps by Western countries.
“We will reduce oil production (if Western countries impose a “ceiling” on oil prices from Saudi Arabia – Gazeta.ru) and I will not be surprised if others do the same,” Salman said.
Currently, the OPEC+ energy alliance, which includes Saudi Arabia, is making every effort to stabilize oil supply to the world market. The minister concluded that any attempt to artificially regulate the market would harm the global oil industry.
15 March Saudi Energy Minister Abdulaziz bin Salman Al Saud declarationthat the country would refuse to supply oil to countries that would impose a “ceiling” on Saudi supply prices. It made this statement in response to the No Oil Production and Exports Act (NOPEC) initiative, which implied the possibility of the United States making antitrust claims against OPEC members and partners.