Saudi Arabia: Western sanctions against Russia may lead to an energy crisis.

Saudi Arabia: Western sanctions against Russia may lead to an energy crisis.

Saudi Arabia’s energy minister warned that Western sanctions against Russia may lead to an energy crisis.

According to the international group of Tasnim news agency, Saudi Energy Minister Abdulaziz bin Salman warned on Saturday that Western sanctions against Russia may lead to energy shortages in the future.

At a conference in Riyadh, Abdulaziz bin Salman, in response to a question about the impact of trade measures on the energy market, added: All sanctions will turn into a shortage of energy resources, while we desperately need it.

He further emphasized: “Saudi Arabia is trying to send liquefied gas to Ukraine.” This gas is usually used as fuel for cooking and heating purposes.

The Minister of Energy of Saudi Arabia emphasized that the European Union imposed a series of sanctions against Russia. Other Western countries have also taken measures as part of their efforts to limit Moscow’s ability to finance the war in Ukraine.

Also, in response to a question about the lessons learned from the energy market movements in 2022, Abdul Aziz emphasized that the most important thing is for the rest of the world to trust OPEC+.

He declared: “We are a responsible group of countries, we put all issues related to the energy and oil market in one basket, but we do not interfere in political issues.”

The OPEC+ alliance, led by Saudi Arabia and Russia, includes about 23 oil exporting countries, 13 of which are members of the Organization of the Petroleum Exporting Countries (OPEC).

The ministerial committee for monitoring the agreement between OPEC+ and non-OPEC+ producers emphasized the commitment to the Cooperation Agreement (DoC) to reduce daily supply by 2 million barrels at the October 5th meeting of the 33rd OPEC+ meeting in 2022.

The OPEC+ alliance angered the US and other Western countries with its decision in October to cut production by 2 million barrels. The West expected OPEC+ to help the world economy by increasing production and lowering fuel prices.

The 47th meeting of the joint ministerial committee to monitor the OPEC+ agreement was held via video conference on February 1, 2023.

The 48th meeting of the ministerial committee for monitoring the OPEC+ agreement is scheduled to be held on April 3, 2023.