Saudis Warn Depleting Oil Reserves Could Be 'Painful'
Oct 27, 2022 19:05:21 #
Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, has issued a warning to other countries about the potential consequences of depleting strategic oil reserves in hopes of manipulating the worldwide markets, saying such a move could prove "painful" in the future.
On Tuesday, while speaking at the Future Investment Initiative (FII), a Saudi investment conference, the prince said: "People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply," the energy minister observed, according to the Agence France-Presse (AFP).
"However, it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come," the prince added.
The prince's remarks seemed aimedat the United States government — specifically President Joe Biden — after word broke of a potential oil deal between the Saudis and Americans falling through before the midterm e******ns on Nov. 8.
As Newsmax chronicled earlier Thursday, President Biden was reportedly "fuming" after the Saudis walked away from a supposedly "secret" agreement to increase oil production through the end of the year.
During the summer, Biden traveled to Saudi Arabia and reportedly left believing the deal was sealed. However, in early October, Saudi Crown Prince Mohammed bin Salman led OPEC+ in its decision to cut production by 2 million barrels per day.
According to The New York Times, prior to the cuts being announced, American officials said they had received assurances from the crown prince there would be no decreases in oil production.
And after learning of the cuts, American officials reportedly made an unsuccessful attempt to reverse that decision.
With gas prices rising around the world, the Ukrainian government is apparently maintaining a neutral stance in this dispute — at least for now.
According to Breitbart News, Ukrainian President Volodymyr Zelenskyy recently expressed "gratitude" to Saudi Crown Prince Mohammed bin Salman for supporting Ukraine during its ongoing war with Russia.
The energy minister's comments come on the heels of The Wall Street Journal reporting of the Saudis mocking President Biden for his "mental acuity" after the Middle East visit.
The prince also seems upset over the Biden White House's decision to deplete the American Strategic Petroleum Reserve (SPR) to 40-year lows, as a likely deterrent against gas prices going up before E******n Day.
The SPR was created to keep an emergency supply of oil ready at all times, in the event of war or another calamity.
However, as Breitbart writes, President Biden "has chosen to empty it instead of allowing American companies to drill for more of the nation's plentiful natural resources."
https://www.newsmax.com/newsfront/saudis-usa-oil/2022/10/27/id/1093770/
On Tuesday, while speaking at the Future Investment Initiative (FII), a Saudi investment conference, the prince said: "People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply," the energy minister observed, according to the Agence France-Presse (AFP).
"However, it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come," the prince added.
The prince's remarks seemed aimedat the United States government — specifically President Joe Biden — after word broke of a potential oil deal between the Saudis and Americans falling through before the midterm e******ns on Nov. 8.
As Newsmax chronicled earlier Thursday, President Biden was reportedly "fuming" after the Saudis walked away from a supposedly "secret" agreement to increase oil production through the end of the year.
During the summer, Biden traveled to Saudi Arabia and reportedly left believing the deal was sealed. However, in early October, Saudi Crown Prince Mohammed bin Salman led OPEC+ in its decision to cut production by 2 million barrels per day.
According to The New York Times, prior to the cuts being announced, American officials said they had received assurances from the crown prince there would be no decreases in oil production.
And after learning of the cuts, American officials reportedly made an unsuccessful attempt to reverse that decision.
With gas prices rising around the world, the Ukrainian government is apparently maintaining a neutral stance in this dispute — at least for now.
According to Breitbart News, Ukrainian President Volodymyr Zelenskyy recently expressed "gratitude" to Saudi Crown Prince Mohammed bin Salman for supporting Ukraine during its ongoing war with Russia.
The energy minister's comments come on the heels of The Wall Street Journal reporting of the Saudis mocking President Biden for his "mental acuity" after the Middle East visit.
The prince also seems upset over the Biden White House's decision to deplete the American Strategic Petroleum Reserve (SPR) to 40-year lows, as a likely deterrent against gas prices going up before E******n Day.
The SPR was created to keep an emergency supply of oil ready at all times, in the event of war or another calamity.
However, as Breitbart writes, President Biden "has chosen to empty it instead of allowing American companies to drill for more of the nation's plentiful natural resources."
https://www.newsmax.com/newsfront/saudis-usa-oil/2022/10/27/id/1093770/
Oct 27, 2022 20:05:45 #
EmilyD wrote:
Prince Abdulaziz bin Salman, Saudi Arabia's energy... (show quote)
Thank heavens we got that news from them , we probably would’ve missed it.
Again , they don’t want to drill here.
It costs them money to drill here .
Why should we when we can smack around a couple of dictators and buy their oil cheap.
But , the answer remains the same.
We should stop exporting the oil and gas we produce here.
1/3 is exported.
Obama Stopped This Practice!
And Trumpy restarted it !
So , we wouldn’t be in this mess today if trumpy didn’t H**e Obama so badly.
We wouldn’t be burning up our oil reserves so that Exxon can keep their profits up !
Blame whoever you wish .
Trump set the export ball in motion.
Appointing Rex Tillerson , an Exxon CEO , as the head of the Energy Dept.
Exxon profits have never faltered, they have gone up every year showing profit for the past 7 years. And we still give them
a $4 Billion Subsidy.
Does that sound like how a free market should behave ?
Oct 28, 2022 00:34:42 #
Milosia2 wrote:
Thank heavens we got that news from them , we prob... (show quote)
All I know, Milosia2, is that FJB is sticking his middle finger up at Trump by screwing us - including you, you dumbass.. And you all are nodding at him like zombies.
Oct 28, 2022 16:43:06 #
EmilyD wrote:
All I know, Milosia2, is that FJB is sticking his middle finger up at Trump by screwing us - including you, you dumbass.. And you all are nodding at him like zombies.
That may be all you know , but , Obama stopped our oil and gas from being
Exported. And we were self sufficient.
Trump decided this was OK to export 1/3 of the oil and gas we produce here.
So , he ok’d exporting our oil and gas . Only to be a snark to Obama.
Now you’re burning up your Emergency Oil Reserves because trumpy is such a
Clown.
Why you do you even try to defend this ??
This is why we have high gas prices, because we are still exporting 1/3 of our oil .
And now Saudi Arabia got back in the act reneging on a deal Biden had made with them , saying , it’s just too bad you’re burning up your emergency oil reserves.
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