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Saudi Arabia’s energy minister has warned countries that they are misusing their crude reserves to manipulate oil markets.
According to the Kingdom’s energy minister, Prince Abdulaziz bin Salman, who has been at odds with the US president. U. S. Joe Biden in recent weeks, strategic crude oil reserves are designed to manage source shortages and reduce costs.
The comment was temporarily interpreted as a mockery directed in particular at President Biden, who criticized OPEC for its recent resolution to cut its crude production targets to 2 million barrels the day after the United States spent months releasing more than a hundred million barrels of crude. of its strategic oil reserves to mitigate higher pumping costs ahead of the midterm elections.
The caution is the latest in the standoff between Saudi Arabia and President Biden, after Trump said Saudi Arabia’s resolve — along with Russia — to cut crude output would have consequences.
The United States has released 192 million barrels of crude from its emergency reserves this year, according to EIA data, and plans to release even more next year.
Other IEA countries also released oil from their crude oil inventories this year “to cope with a significant market and disruptions similar to President Putin’s war against Ukraine,” the IEA said in a March press release.
By Julianne Geiger for Oilprice. com
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