Creating new perspectives since 2009

Saudi Energy Minister: We will not sell oil to any country that sets a price cap

March 15, 2023 at 10:56 am

Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud [Ian Forsyth/Getty Images]

Saudi Energy Minister Prince Abdulaziz Bin Salman yesterday said that there is a possibility of imposing a price cap on Saudi oil exports and “we will not sell oil to any country that imposes a cap on our supplies.”

Prince Abdulaziz made his remarks in an interview published by Energy Intelligence, which was reported by the Saudi Press Agency (SPA) in response to a question about reintroducing the NOPEC bill.

The No Oil Producing and Exporting Cartels (NOPEC) bill is intended to protect US consumers and businesses from engineered oil spikes by group action from bodies such as OPEC and OPEC+. It has yet to be brought into law.

Prince Abdulaziz stated that Saudi “will reduce oil production, and I would not be surprised if other countries took the same measure.”

READ: OPEC+ production targets reflect consensus

He added: “NOPEC legislation and extending the price cap are very different, but their potential impacts on the oil market are similar. Such policies add new layers of risk and uncertainty at a time when clarity and stability are most needed.”

Saudi Arabia’s production capacity is currently about 12 million barrels per day, this is expected to rise to 13.3 million by 2027.