Saudi Arabia’s energy chief slams nations for using emergency oil reserves to manipulate prices and warns of future pain from supply shortages

Saudi Arabia’s energy chief slams nations for using emergency oil reserves to manipulate prices and warns of future pain from supply shortages

Nations shouldn't use emergency oil reserves to manipulate prices, Saudi Arabia's energy chief warned.

"Losing emergency stocks may be painful in the months to come," Saudi's energy minister said.

The comments come as the US has released millions of barrels from strategic reserves in 2022.

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Saudi Arabia's energy chief Prince Abdulaziz bin Salman blasted nations' use of emergency oil reserves to manipulate prices, warning of more pain for energy markets in the event of future shortages.

The comments come as President Biden has signed off on historic use of the US Strategic Petroleum Reserve this year, releasing 180 million barrels of oil since April, with another release of 14 million barrels announced this month. While the excess supply helped keep a lid on energy inflation, it's putting oil markets under pressures, Energy Aspects' Amrita Sen said last week, as that's "not what [the reserves are] meant to be used for."

Emergency supplies are now dwindling, with the SPR seeing its lowest levels of oil since 1984, Forbes reported in September. The releases could also lead to supply shortages in the future, Saudi's