Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Saudi minister warns Western anti-Russia sanctions could backfire

  • By Al Mayadeen English
  • Source: News websites
  • 6 Feb 2023 12:14
  • 1 Shares
2 Min Read

Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could lead to a supply shortage.

  • x
  • Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud. (Reuters)
    Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud. (Reuters)

Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman Al Saud, has warned against the consequences of the West's oil sanctions on Russia, claiming that the restrictive measures could lead to a future shortage of energy supplies.

Speaking at an industry conference in Riyadh, Saudi Arabia, the minister warned that sanctions against Russia could backfire if demand rises. “All these sanctions, embargoes, they all will convolute into one thing and one thing only: lack of energy supplies of all kinds when they’re most needed,” he said. “That is my worry.”

The West, which was previously Russia's main energy market, has responded to the nearly year-long war in Ukraine by sanctioning Moscow's energy revenues.

Saudi Arabia and Russia are partners in OPEC+, an alliance of members of the Organization of Petroleum Exporting Countries (OPEC) and others. However, Western sanctions have forced Moscow to enter Riyadh's regular markets in Asia with low-cost crude, forcing the kingdom to sell more in Europe.

Related News

Al Mayadeen obtains draft barring attacks on IAEA-monitored facilities

Oil prices rise on Russia supply fears and Fed policy outlook

Read next: De-dollarization: Slowly but surely

Regarding what lessons had been learned from energy market dynamics in 2022, Abdulaziz said the most important one was for the rest of the world to "trust OPEC+".

“We are a responsible group of countries, we do take policy issues relevant to energy and oil markets in a total silo and we don’t engage ourselves in political issues,” he said.

OPEC+ agreed last year to reduce its production target by 2 million barrels per day, or about 2% of global demand, from November to the end of 2023.

The OPEC+ market-monitoring committee met earlier this week and recommended that crude production remain stable.

Russian President Vladimir Putin also spoke by phone with Saudi Crown Prince Mohammed Bin Salman about OPEC+ cooperation to keep oil prices stable.

  • Russia
  • Sanctions on Russia
  • OPEC+
  • Abdulaziz bin Salman
  • Saudi Arabia

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS