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Oct 25, 2022
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Saudi Energy Minister Prince Abdulaziz Bin Salman On Saudi-U.S. Oil Dispute: We Have Decided To Be 'The Mature Guys'; Countries Have Depleted Their Emergency Energy Stocks To Manipulate The Markets

#9904 | 02:31
Source: Online Platforms - "Future Investment Initiative on YouTube"

Saudi Energy Minister Prince Abdulaziz Bin Salman said at the Future Investment Initiative (FII) forum in Riyadh, Saudi Arabia on October 25, 2022, that in the energy dispute between Saudi Arabia and the United States, the Saudis have decided to be the "maturer guys" and to let the dice fall where they may. He said that some countries have depleted their emergency energy stocks in order to manipulate global markets rather than preserve them in order to mitigate shortages, but that this may "become painful in the months to come."

Interviewer: "How to get that energy relationship [with the U.S.] back on track?"

Abdulaziz Bin Salman: "Well, I think... We, as Saudi Arabia, decided to be the maturer guys and let the dice fall [where they may]. What I utter, sometimes... Not because of me, but because whom I represent... It makes a difference. So I usually, as you always hear me, I am not terribly vocal, and I use a low tone, and I'm quite picky and choosy about the words I use, because I know for certain that when the tough gets going... when the going gets tough, the tough gets going. So, I'm keeping that chance for a proper panoramic execution for how Saudi Arabia can fulfill its own promises.


"Can you imagine that this so-called potential of a more severe crisis happens when the world has less capacity, and I would have to say, also less emergency stocks? People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets, while its profound purpose was to mitigate shortages of supply. Be it as it may, it's everybody's choice. 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."

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