Media Wire

Saudi Arabia warns anti-Russian sanctions could result in energy shortages

Saudi Energy Minister Prince Abdulaziz bin Salman has warned Western sanctions against Moscow could result in a shortage of energy supplies in future.

In answer to a question over how trade measures would affect the energy market, Prince Abdulaziz told an industry conference in Riyadh: “All of those so-called sanctions, embargoes, lack of investments, they will convolute into one thing and one thing only, a lack of energy supplies of all kinds when they are most needed”.

The prince also added Saudi Arabia was working to send Liquefied Petroleum Gas (LPG) to Ukraine. LPG is most commonly used as a cooking fuel and in heating.

The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow’s ability to fund its war in Ukraine.

Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz stated the most important one was for the rest of the world to “trust OPEC+”.

“We are a responsible group of countries, we do take policy issues relevant to energy and oil markets in a total silo and we don’t engage ourselves in political issues,” the prince noted.

OPEC+, an alliance that includes members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia, agreed last year to cut its production target by 2 million barrels per day, about 2% of world demand, from November until the end of 2023 to support the market.

An OPEC+ panel that met last Wednesday endorsed the decision and the main message throughout the meeting was that the group would stay the course until the end of the agreement.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

Recent Posts

Historic all-Women flight lands in Mashhad

For the first time in Iran's aviation history, a flight carrying an all-female crew and…

9 hours ago

Tehran Cyber Police shut down 40 Instagram accounts of harassers

Tehran’s Cyber Police Chief, Brigadier General Davood Moazzami Goudarzi, announced a crackdown on individuals causing…

10 hours ago

Qatar warns may stop gas shipments to EU amid Russia-Ukraine war

Doha will stop gas shipments to the EU if member states enforce new legislation on…

11 hours ago

UK armed forces struggling for recruits: Telegraph

At least 15,000 British soldiers left the country's Armed Forces between November 2023 and October…

11 hours ago

Nearly 85k Russian soldiers killed in Ukraine: Report

Journalists have identified the names of 84,761 Russian soldiers who died during the war in…

14 hours ago

US downs own warplane while bombing Yemen: Pentagon

The United States Navy has inadvertently shot down its own F/A-18 fighter jet in a…

15 hours ago