Oct 22, 2018 - Energy & Climate

Saudi Arabia says "no intention" of oil cut-off

Ben Geman

Saudi energy minister Khalid al-Falih told Russian state media that the kingdom has "no intention" of cutting off oil supplies akin to the 1973 embargo. He also told Russia's state-owned TASS that his country plans to boost its production from 10.7 million barrels per day to 11 mbd in the "near future."

Why it matters: The comments published Monday come amid global condemnation and pressure on the kingdom over the killing of journalist Jamal Khashoggi.

They come a week after OPEC's dominant producer issued a veiled threat to use oil as a weapon if the U.S. imposes sanctions or other measures.
Few expected the Saudis to make good on that threat, but the new remarks are further evidence of backing off that idea.

Quoted: "Saudi Arabia is a very responsible country, for decades we used our oil policy as responsible economic tool and isolated it from politics," al-Falih said.

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Saudi Arabia says "no intention" of oil cut-off

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