Minister Prince Abdul Aziz bin Salman issued scathing rebuke of the U.S accusing it of manipulating the markets he did not take any names but did not leave much to guess either let me quote from his statement people are depleting their emergency stocks and using it as a mechanism to
Manipulate markets while its profound purpose was to mitigate shortage of Supply however it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come but what exactly was he referring to Joe Biden’s decision to release strategic fuel Reserves
Seven days back he announced the release of an additional 15 million barrels of oil from the U.S strategic reserve 15 million interestingly Biden insisted that the move was not politically motivated that it was not aimed at enhancing his electoral prospects in the midterm polls but simply aimed at easing the oil
Shortage and lowering the gas prices Riyadh does not believe this is the case it says Washington’s move is a desperate bid to build further pressure on the markets and manipulate the prices of oil in other words dictate the terms of the global energy industry so that’s Saudi Arabia’s charge
Is there any Merit to this yes there is you see since the war started America has released close to 180 million barrels of oil this is oil from America’s strategic petroleum reserves it is meant to address energy Supply constraints not to relieve the price pressures but Biden could not care less he is
Releasing battle after battle to keep the prices under control in the short term analysts say in the long run this code proved to be problematic and Riyadh has only reiterated this warning the timing is significant this warning comes on the heels of a decision by OPEC plus to cut oil production by 2
Million barrels a day from November the White House has criticized this move calling it the same as aligning with Russia the Saudi energy Minister responded to this charge as well I keep listening are you with us or against us is there any room for we are for Saudi
Arabia and for the people of Saudi Arabia what does that tell you that the oil dispute between the U.S and Saudi Arabia is only intensifying this is despite Joe Biden visiting the kingdom this summer remember he went there expecting a deal to boost oil production the plan clearly did not work out with
Both Riyadh and Washington firing non-stop salvos at each other as Russia quietly gains from this standoff you see on one hand Riyadh is refusing to ramp up oil supplies to the West on the other it is importing billions of tons of oil from Russia look at the headline on your screen
Saudi Arabia the world’s largest oil exporter is now the largest oil importer from Russia followed closely by China independent refiners in Riyadh are buying enormous amounts of lower priced Russian fuel and that’s not all even Western sanctions are failing to hurt Russia look at this headline now sanctions on
Russia are only increasing its Revenue how exactly and why exactly simply because there are still countries that are willing to purchase Russia’s petroleum products experts even say that these sanctions might soon backfire on the countries behind them because they don’t take the current Global Dynamics into account where more and more
Countries are hesitating into taking clear sides so at the end of the day America and the West are far from hurting Russia economically if anything they are only alienating their allies with their ill thoughts sanctions and pressure tactics the latest nub from Saudi Arabia only confirms this
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