In reply to a query over how commerce measures would have an effect on the power market, Prince Abdulaziz instructed an business convention in Riyadh: “All of these so-called sanctions, embargoes, lack of investments, they’ll convolute into one factor and one factor solely, a scarcity of power provides of every kind when they’re most wanted”.
The prince additionally added Saudi Arabia was working to ship Liquefied Petroleum Gasoline (LPG) to Ukraine. LPG is mostly used as a cooking gasoline and in heating.
The European Union has imposed a collection of sanctions in opposition to Russia, lowering Russian power exports, and different Western powers have additionally imposed measures as they search to additional restrict Moscow’s capability to fund its battle in Ukraine.
Requested what classes had been learnt from power market dynamics in 2022, Prince Abdulaziz acknowledged an important one was for the remainder of the world to “belief OPEC+”.
“We’re a accountable group of nations, we do take coverage points related to power and oil markets in a complete silo and we don’t interact ourselves in political points,” the prince famous.
OPEC+, an alliance that features members of the Group of the Petroleum Exporting International locations (OPEC) and others together with Russia, agreed final yr to chop its manufacturing goal by 2 million barrels per day, about 2% of world demand, from November till the tip of 2023 to assist the market.
An OPEC+ panel that met final Wednesday endorsed the choice and the primary message all through the assembly was that the group would keep the course till the tip of the settlement.