Saudi King Salman bin Abdulaziz affirmed that his country is “working to support the stability and balance of global oil markets”, and that the discovery of a number of gas fields in the Kingdom “supports the country’s “leading position” in the global energy sector.
In his detailed annual royal speech on the state’s domestic and foreign policies addressed to the Saudi Shura Council, the king said, “The kingdom is striving towards ensuring the combined immunity of the three pillars of the energy world, namely, the security of necessary energy supplies, continuous economic development by providing reliable energy sources, and confronting Climate change”.
King added, according to the letter published by Saudi Press AgencyThe country is working hard, within its energy strategy, to “support the stability and balance of global oil markets, as oil is an important element in supporting the growth of the global economy.”
He stressed that the Kingdom is working to “strengthen its pivotal role in the establishment and continuation of the (OPEC Plus) agreement as a result of its initiatives to accelerate the stability of markets and the sustainability of its supplies, as well as the Kingdom’s keenness to develop and invest all its energy resources.”
The Saudi monarch said: “The discovery of a number of natural gas fields came in some regions of the Kingdom, including the Shadoun field in the central region, Shehab and Al-Shorfa fields in the Empty Quarter, Umm Khanasser fields, and Samna unconventional natural gas in the northern and eastern border regions (… ) to enhance the stock of wealth and resources, in a way that supports the Kingdom’s leading position in the global energy sector, and contributes to economic diversification and a positive financial impact in the long term.”
During its last meeting, the Organization of the Petroleum Exporting Countries took a decision to reduce oil production by two million barrels per day, in a move that came despite international demands to raise production with the rise in energy prices amid the war waged by Russia against Ukraine.
US President Joe Biden confirmed, in an interview with “CNN”, last week, that he will work with Congress to “re-evaluate” the relationship between Riyadh and Washington because of the recent OPEC Plus decision.
A prominent senator, Bob Menendez, called for a freeze on US arms deals with Saudi Arabia.
Senator Richard Blumenthal and Representative Ro Khanna passed a bill to temporarily halt US arms sales to the kingdom.
Chris Murphy, a Democrat on the Senate Foreign Relations Committee, proposed diverting a shipment of 280 air-to-air missiles destined for Saudi Arabia to Ukraine and moving US Patriot air defense systems from Saudi Arabia to Ukraine.
For his part, Saudi Defense Minister Prince Khalid bin Salman expressed his “astonishment” at the kingdom’s accusation of standing with Russia in its war against Ukraine, after the decision to reduce oil production, which was taken by the OPEC Plus coalition led by the Kingdom.
He said in a tweet on his account on TwitterAlthough the OPEC decision, which was taken unanimously, was purely for economic motives, some accused the Kingdom of siding with Russia.