Abdulaziz bin Salman, the energy minister for Saudi Arabia, condemned Washington’s plan to withdraw millions of barrels from its strategic reserves, calling it “market manipulation.”
The Saudi Energy Minister said before the “Future Investment Initiative” conference in Riyadh that “people drain their strategic reserves, drain them, use it as a tool for manipulating the markets, while its main purpose was to reduce the lack of supply” oil.
But it is my solemn obligation to make it plain to the world that the loss of the strategic reserve may be painful in the upcoming months, the prince, who is the son of the Saudi king, King Salman, added.
The Prince explicitly mentioned the United States during his speech, but it comes less than a week after US President Joe Biden’s decision to withdraw additional 15 million barrels of oil from its strategic reserves in an attempt to reduce the prices of black gold.
The 180 million barrels that will be pushed into the market in December are the final instalment of a plan that the American president outlined in the spring to address the high oil prices brought on by the conflict in the Ukraine.
The declarations also follow the coalition’s “OPEC Plus” announcement of a massive two million barrel per day cut in production sharing beginning in November.
The judgement of that oil-led carter, which was allied with Russia, was taken into consideration by the White House.
Author: “AFP.”
Regarding the reserve’s clouds, Riyadh accuses Washington of “manipulating markets.”
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