The minister said in a speech to the Future Investment Initiative conference in Riyadh: “It is my duty to make it clear that the loss of emergency stocks may be painful in the coming months,” according to Reuters.
The remaining volumes that have been taken out of the nation’s strategic oil reserve will be sold by the end of the year, US President Joe Biden said last week.
In an effort to lower high gas prices before the November 8 midterm elections for Congress, Biden also announced the beginning of the reserve renewal.
The Organization of Oil Exporting Countries and its allies, “OPEC+”, announced at the beginning of October to reduce oil production by two million barrels per day, starting next November..
Strategic oil reserves are a “difficult bet,” says the Saudi energy minister.
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