STREAMING NOW: Watch Now

Saudi Arabia has 'no intention' of repeating 1973 oil embargo

Saudi Arabia has rejected suggestions that it may restrict global oil supply in response to international pr...

Posted: Oct 22, 2018 3:56 PM
Updated: Oct 22, 2018 3:56 PM

Saudi Arabia has rejected suggestions that it may restrict global oil supply in response to international pressure over the death of journalist Jamal Khashoggi at its consulate in Istanbul.

Asked whether there could be a repetition of the 1973 oil embargo when Saudi Arabia and its allies cut off oil supplies to the United States, the kingdom's energy minister Khalid Al Falih said: "There is no intention."

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Commodity markets

Consumer products

Continents and regions

Economic indicators

Economy and economic indicators

Energy and resources

Energy and utilities

Energy commodities

Energy economic indicators

Financial markets and investing

Middle East

Middle East and North Africa

Oil and gas industry

Oil prices

Price increases

Saudi Arabia

Embargoes and sanctions

International relations

International relations and national security

"We suffered in the past from political crises, this is not the first time," Al Falih told Russian news agency Tass. "But Saudi Arabia is a very responsible country, for decades we used our oil policy as [a] responsible economic tool and isolated it from politics."

"So let's hope that the world would deal with the political crisis, including the one with Saudi citizen in Turkey, with wisdom. And we will exercise our wisdom both in political and economic fronts."

Khashoggi, a Washington Post columnist, was last seen entering the Saudi consulate on October 2. Saudi Arabia initially denied any knowledge of what happened to him, but on Friday admitted that he died inside the consulate.

US senators from both parties are pressing the Trump administration to get to the bottom of what happened, and some lawmakers are calling for sanctions. Saudi Arabia said last week it would retaliate against any economic sanctions or political pressure. And a leading Saudi media commentator raised the possibility of cutting oil supply.

Oil markets have so far largely shrugged off that suggestion but traders are on edge because supplies could run tight when Iranian exports are hit by US sanctions again next month.

Saudi Arabia has previously said it is willing, along with Russia, to plug that gap. And it has already ramped up production in recent months to make up for reduced output by other OPEC countries such as Venezuela and Libya.

In the Tass interview, Al Falih said Saudi Arabia is currently pumping around 10.7 million barrels of oil a day, up about 850,000 barrels since June.

Analysts worry that the kingdom could struggle to deliver enough oil to prevent prices climbing towards $100 a barrel, or that it could choose to slow-walk future increases in response to pressure from the United States.

Al Falih said Saudi Arabia could lift production, if necessary, to 12 million barrels per day, but couldn't guarantee that would be enough.

"If 3 million barrels per day disappears, we cannot cover this volume," Al Falih said.

Terre Haute
Clear
73° wxIcon
Hi: 92° Lo: 65°
Feels Like: 73°
Robinson
Clear
68° wxIcon
Hi: 90° Lo: 65°
Feels Like: 68°
Indianapolis
Scattered Clouds
74° wxIcon
Hi: 90° Lo: 69°
Feels Like: 74°
Rockville
Clear
67° wxIcon
Hi: 91° Lo: 66°
Feels Like: 67°
Casey
Clear
72° wxIcon
Hi: 90° Lo: 67°
Feels Like: 72°
Brazil
Clear
73° wxIcon
Hi: 91° Lo: 66°
Feels Like: 73°
Marshall
Clear
73° wxIcon
Hi: 91° Lo: 66°
Feels Like: 73°
July Heat
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events

 

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 143185

Reported Deaths: 6923
CountyConfirmedDeaths
Cook905364565
Lake9719416
DuPage9032470
Kane7703268
Will6686319
Winnebago303094
McHenry203297
St. Clair1874135
Kankakee127265
Kendall95620
Madison93268
Rock Island92529
Champaign86012
Boone58621
DeKalb55018
Peoria48728
Sangamon42631
Jackson33219
Randolph2857
Stephenson2705
Ogle2614
McLean26013
Clinton23617
Macon23222
LaSalle21617
Union18819
Whiteside18615
Coles16417
Grundy1624
Iroquois1575
Warren1360
Knox1300
Cass1292
Morgan1283
Monroe12713
Tazewell1278
Williamson1154
Jefferson10717
McDonough10015
Lee972
Adams871
Henry841
Pulaski740
Marion650
Vermilion652
Douglas520
Macoupin513
Perry511
Unassigned480
Jasper467
Montgomery441
Christian434
Livingston432
Jo Daviess421
Jersey351
Woodford332
Ford311
Bureau292
Menard250
Fayette233
Alexander220
Mason220
Wabash220
Carroll212
Johnson200
Mercer200
Piatt190
Washington190
Crawford180
Hancock181
Shelby181
Moultrie170
Fulton150
Clark140
Franklin140
Logan140
Wayne141
Bond131
Schuyler130
Effingham121
Cumberland110
Massac110
Brown100
Edgar100
Greene90
Saline90
Henderson80
Marshall80
Lawrence70
De Witt60
Hamilton50
Richland40
White40
Stark30
Clay20
Edwards20
Gallatin20
Pike20
Calhoun10
Hardin10
Out of IL10
Pope10
Putnam10
Scott00

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 45594

Reported Deaths: 2640
CountyConfirmedDeaths
Marion11329679
Lake4847239
Elkhart304143
Allen2649110
St. Joseph183065
Cass16369
Hamilton1463100
Hendricks136699
Johnson1232118
Porter68036
Madison64263
Tippecanoe6338
Clark61644
Bartholomew57844
Howard54256
LaPorte53425
Kosciusko4842
LaGrange4566
Jackson4543
Noble43428
Delaware42548
Boone42142
Hancock41835
Shelby41425
Vanderburgh4136
Marshall4093
Floyd36244
Morgan31831
Grant28526
Montgomery28520
Clinton2792
Dubois2596
White25710
Monroe24428
Decatur24332
Henry23515
Lawrence22924
Vigo2228
Harrison20822
Dearborn20322
Warrick19629
Greene18431
Miami1802
Jennings16910
Putnam1658
DeKalb1574
Scott1547
Daviess13816
Orange13323
Wayne1276
Franklin1248
Steuben1232
Perry1188
Ripley1127
Carroll1082
Jasper1072
Wabash1072
Fayette957
Newton9410
Whitley794
Randolph764
Huntington702
Starke683
Jay670
Wells671
Fulton661
Jefferson641
Washington641
Knox620
Clay594
Pulaski591
Rush563
Benton470
Adams451
Sullivan451
Owen431
Gibson412
Brown381
Blackford352
Posey320
Spencer301
Tipton301
Crawford290
Fountain282
Switzerland240
Martin220
Parke220
Ohio140
Warren141
Union130
Vermillion130
Pike60
Unassigned0192