‎Saudi Arabia won’t sell oil to any country that imposes price cap on its supply: Energy Minister

‎Saudi Arabia won’t sell oil to any country that imposes price cap on its supply: Energy Minister

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, confirmed that the OPEC+ agreement in October 2022, which provides for reducing production by two million barrels per day (bpd) until 2023-end, will continue until December 23, 2023.

The minister added in an interview with Energy Intelligence that the impact of the NOPEC bill and the expansion of the imposition of price caps, which is likely to affect the oil market, is similar, stressing that such policies will inevitably exacerbate market instability and volatility, and this will negatively affect the petroleum industry.

“If a price cap is imposed on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supply, and we will reduce oil production, and I would not be surprised if others do the same”, bin Salman indicated.