Saudi Arabia warns the West of cutting energy supplies

Riyadh – Saudi Arabia’s Energy Minister, Abdulaziz bin Salman has warned the Western countries to stop the production and supply of oil if attempts are made to cap the price of crude oil. Other oil-producing countries which are allies of Saudi Arabia would follow the same.

Due to the Russia-Ukraine conflict, in December, the European and the G7 countries imposed sanctions on Russian oil and subsequently tried to cap the oil price to 60 dollars per barrel. Last month there were additional sanctions on Russia. In response, Russia announced to reduce oil production by 0.5 million barrels per day starting in March to counter the price cap imposed by the West.

This has triggered the increase in the oil price and the possibility of imposing a price cap by the Western countries. There are claims that European countries and the US plan to act against countries that violate the price cap. This has led Saudi Arabia to warn the West about cutting oil production and supply. Saudi Arabia is assured of getting support from other oil-producing countries on this issue.

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