Oct 22, 2018

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.

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