Saudi Arabia threatens to cut off oil supplies in case of price ceiling

This will happen in the event that a price cap is introduced on the fuel supplied by the kingdom.

Saudi Energy Minister Prince Abdulaziz bin Salman said that Riyadh may refuse to supply oil to those countries that supported the price ceiling. This will happen in the event that a price cap is introduced on the fuel supplied by the kingdom.

In an interview with Energy Intelligence magazine, he noted that the oil industry is negatively affected by the instability and volatility of the market, as well as the policy of price ceilings.

According to him, these attempts are similar in effect to the attempts in the United States of America to pass the NOPEC law. Recall that according to this law, the US government can file antitrust lawsuits against members of OPEC.

“We will not sell our oil to any country that sets a price ceiling. This will happen if governments impose a limit on the export of Saudi oil,” bin Salman added.