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Home Markets Commodities

Crude Oil: Saudi Arabia warns it will not incur responsibility for global shortage

Iranian backed Houthi rebels recently attacked a Saudi oil installation.

William Ukpe by William Ukpe
March 21, 2022
in Commodities
Crude Oil: Saudi Arabia warns it will not incur responsibility for global shortage
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The Saudi Arabian Government has warned that it will not incur responsibility regarding any shortage of oil supply as its oil facilities are attacked by Houthi terrorist militias.

This was disclosed in a statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia on Monday morning.

Iranian backed Houthi rebels recently attacked a Saudi oil installation, at a time when Saudi Arabia has been urged to boost crude oil production as Russian sanctions affect supply and prices.

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What they are saying

The Foreign Ministry said the Kingdom of Saudi Arabia declares, “that it will not incur any responsibility in light of the attacks on its oil facilities from Iranian backed terrorist Houthi militias”.

The Kingdom stressed the importance of the international community realising the gravity of Iran’s continued behaviour of equipping the terrorist Houthi Militias with the technology of the ballistic missiles and advanced UAVs with which they target the Kingdom’s production sites of oil, gas and refined products, resulting in serious consequences for upstream and downstream sectors.

It added that the attacks is affecting the Kingdom’s production capability and its ability to fulfill its commitments, undermining without a doubt, the security and sustainability of energy supplies to global markets.

It also urged the international community on the importance of undertaking its responsibility to preserve the energy supplies and stand firm against the Iranian-backed Houthi terrorist militias, adding that they represent a ” direct threat to the security of oil supplies in these extremely sensitive circumstances witnessed by the global energy markets”

In case you missed it

  • Reports emerged on Sunday that the Houthi rebels attacked 6 sites in Saudi Arabia, including oil-producing and storage assets, using drones as well as ballistic and cruise missiles, according to the Saudi Government.
  • On the international scene, Nairametrics reported that the Russian government said sanctions on Russian oil by the European Union would have a significant impact on the global crude market, particularly in Europe.

Related

Tags: Houthi terrorist militiasSaudi ArabiaSaudi oil installation

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