Saudi Minister of Energy: Sanctions against Russia will affect the global energy market

During a press conference, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said that the new sanctions against Russia can have an impact on the global energy market, RIA Novosti reported.

“Russia is a big supplier of gas to Europe and oil to China. If this happens, it will affect Europe, China and the world,” the minister said, during a press conference in Baku, where the meeting of OPEC+ Monitoring Committee․

  The committee will evaluate the measures to reduce to the levels of oil production. Russian Energy Minister Alexander Novak also took part in the press conference.

At the same time, Al-Khalid noted that the sanctions against Iran and Venezuela have not yet affected the commercial oil reserves, TASS reported.

“Therefore, we decided to continue to reduce production cuts until June (the agreement expiration). But we are ready to continue and further monitor the situation on the oil market together,” the minister said.

At the end of February, an updated version of the DASKA (“Defending American Security from Kremlin Aggression Act”) bill on sanctions against Russia was introduced to the US Congress. In particular, the bill envisages sanctions against Russian LNG projects abroad and a ban on the transfer of oil production technologies to Russia.

After the talks with Saudi Energy Minister, the head of Russian gas giant Novatek, Leonid Mikhelson said that the company was ready to consider selling up to 30% of the Arctic LNG-2 project to the Saudi Arabia national oil company.

  Saudi Arabia, Khalid Al-Falih, Russia, OPEC, US Congress, China, Europe