Saudi Arabia says "no intention" of oil cut-off
Saudi energy minister Khalid al-Falih. Photo: Sergei Savostyanov\TASS via Getty Images
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.