Saudi Arabia has threatened to refuse oil supplies in the event of the introduction of a price ceiling

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said in an interview that Riyadh will refuse to supply oil to countries where restrictions on its price will be imposed.

«If a price limit is imposed on Saudi oil exports, we will not sell oil to any country that imposes a price limit on our supplies,» the minister said. At the same time, the minister clarified that in this case the country will reduce oil production. 

Salman also noted new levels of risk and uncertainty due to the American bill NOPEC (No Oil Producing and Exporting Cartels Act – The Law banning oil producing and Exporting Cartels). In his opinion, the anti-cartel project will worsen market volatility and have a negative impact on the oil industry. According to the bill, the United States will be able to sue OPEC member countries and their partners.

Recall that on December 5, 2022, the G7 countries, Australia and the European Union introduced a ceiling of prices for Russian oil in the amount of $ 60 per barrel, for diesel – at the level of $ 100 per barrel, for fuel oil – $ 45 per barrel. Yesterday, on March 14, the United States announced that it plans to jointly with the European Union to review the operation of the price ceiling mechanism for Russian petroleum products. Assuming that Brussels can lower the price limit from $60 to $55.