Sanctions against oil-producing countries will only lead to a shortage of oil at a time of rising demand, Saudi Energy Minister Prince Abdulaziz bin Salman said at a conference, Bloomberg reports.
"All of these so-called sanctions, embargoes, lack of investments…will all convolute into one thing and one thing only -- lack of energy supplies of all kinds when it is most needed. That is my worry, and that is something I don't want to be responsible for," the minister said.
He said the kingdom will be cautious in making decisions regarding oil production, despite analysts' forecasts that the Brent price could rise above $100 a barrel in 2023 due to increased demand. "I will believe it when I see it, and then take action," the secretary said.
If people had trusted them then, they wouldn't have experienced the risks that have occurred, he said, referring to the price spike after OPEC+ decided in October to cut oil production by 2 million bpd.
December 5, 2022 came into force a ban on the purchase of Russian oil by the European Union and the G7 countries, from February 5, 2023 - the embargo on the import of petroleum products. In addition, a ban on shipping of Russian oil and petroleum products, if they are sold above the established price ceiling, began to operate on the same terms. For the time being, the price ceiling is set at $60 per barrel for oil, $100 per barrel for diesel fuel and gasoline, and $45 per barrel for products with low added value (fuel oil, naphtha).