Saudi oil chief says energy security imperiled by attacks
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the kingdom's ability to ensure energy security is no longer guaranteed.
Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been carried out by Yemen’s rebel Houthis, who are supported by Iran.
“In the old days, we, along with our friends here in the UAE, worked on a collective effort to assure and ensure energy security. These pillars are no longer there,” the minister said.
The Saudi energy minister spoke at the World Government Summit, an event sponsored by the government of Dubai, United Arab Emirates.
Oil prices, already at their highest in years, have shot up further amid attacks from the Houthis on Saudi Arabia, OPEC’s largest oil producer. Brent crude prices are trading above $110 a barrel, though have soared at times past $120.
The Houthis have used drones and missiles to target the kingdom’s oil facilities, and have also attacked targets in the United Arab Emirates' capital of Abu Dhabi.
On Friday, they hit a Saudi oil products storage facility in the Red Sea coastal city of Jiddah, sending huge plumes of black smoke into the air that were visible from the vicinity of the Formula One race where practice laps were underway.
Saudi Arabia has expressed its frustrations in official statements, saying it will not bear any responsibility for shortages in oil supplies due to the attacks.
Crude oil prices have also been buoyed by a deal struck by leading producers, led by Saudi Arabia and Russia, in an alliance known as OPEC+, which limited oil production to keep prices from crashing amid pandemic...
