The kingdom has previously shrugged off criticism that its stance could bankrupt its oil-producing rivals. FMTNews SaudiArabia
Prince Abdulaziz bin Salman Al-Saud, Saudi Minister of Energy, chairing a virtual summit of energy ministers.
Opec kingpin Saudi Arabia ramped up oil output to record levels in March and April and offered substantial discounts in retaliation for Russia’s refusal to tighten its supply in a wider effort to prop up prices. But “there is a high risk that the deal is too little, too late: with no sign that oil prices will rise sustainably, Riyadh may have unleashed something it is unable to control.”US crude prices briefly bounced back into positive territory on Tuesday, but the collapse underscores long-term pain for the energy industry.
“Right now, the highest number of Saudi oil tankers in years is on its way to our shores. Given today’s news, I call on President Trump to prevent them from unloading in the United States.” “I urge you… to place tariffs on imported oil from Saudi Arabia and Russia, to punish them for their destructive behaviour.”But the kingdom has previously shrugged off criticism that its stance could bankrupt its oil-producing rivals.
Riyadh has posted a budget deficit every year since the last oil price rout in 2014. It has borrowed over US$100 billion and drawn from its reserves to plug the deficit.
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