Go to media bankOil tanker. File photoMOSCOW, Oct 25Some countries are using oil from the strategic reserve as a mechanism to manipulate markets, said Saudi Energy Minister Prince Abdulaziz bin Salman, quoted by Reuters.»Saudi Energy Minister , Prince Abdulaziz bin Salman said on Tuesday that some of them (countries — ed.) are using stocks from the strategic reserve as a mechanism to manipulate the markets,» the agency writes. At the same time, Reuters does not provide a direct quote.
China has reduced gas and oil importsThe minister did not name specific states. According to the agency, Abdelaziz bin Salman stressed that the strategic reserve should be used purely as a mechanism to alleviate supply shortages. On Wednesday, the US Department of Energy put up for sale 15 million barrels of oil from the strategic reserve and was instructed by President Joe Biden to prepare for new significant releases in the winter to stabilize fuel prices. The measure follows an OPEC+ decision to cut oil production by two million barrels per day, despite pressure from the US not to do so. Prince Abdulaziz bin Salman warned that the sale of oil from the strategic reserve could lead to negative economic consequences already, according to a Reuters report. «It is my duty to make it clear that the loss of the strategic reserve could be painful in the coming months,» the agency quoted the minister directly from the Future Initiative Investment (FII) conference in Riyadh.
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