Saudi oil chief says energy security imperiled by attacks

Saudi oil chief says energy security imperiled by attacks

Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the Kingdom’s ability to ensure energy security is no longer guaranteed.

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Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been carried out by Yemen’s Iran-backed Houthi militia.

“In the old days, we, along with our friends here in the UAE, worked on a collective effort to assure and ensure energy security. These pillars are no longer there,” the minister said.

The Saudi energy minister spoke at the World Government Summit, an event sponsored by the government of Dubai, United Arab Emirates.

Oil prices, already at their highest in years, have shot up further amid attacks from the Houthis on Saudi Arabia, OPEC’s largest oil producer. Brent crude prices are trading above $110 a barrel, though have soared at times past $120.

The Houthis have used drones and missiles to target the Kingdom’s oil facilities, and have also attacked targets in the United Arab Emirates’ capital of Abu Dhabi.

On Friday, they hit a Saudi oil products storage facility