Pioneers on social media re-circulated warnings by Saudi Energy Minister Prince Abdulaziz bin Salman about countries using their emergency stocks of crude oil in an attempt to control prices.
Activists circulated a video clip of the Saudi prince warning countries of the world about the repercussions of using their emergency stocks to control prices.
And the Saudi energy minister said: “People are depleting their emergency (crude oil) stocks and using them as a tool to manipulate the markets when the right thing is to have them to face any shortage of supplies, and everyone has their choice. It is my duty to show the world that losing emergency stocks may become painful during the months coming”.
The video clip was circulated after a sudden decision taken by countries in the “OPEC +” group, including Saudi Arabia, about its crude oil production.
And last Sunday, 7 countries in “OPEC +” announced simultaneously and unexpectedly an additional cut in production, while Russia announced the extension of cuts that it had previously announced until the end of this year.
The total cuts for the eight countries amount to about 1.65 million barrels, and they will be applied starting next month to achieve stability in the global energy market.
The voluntary cuts will start next May 2023 and will continue until the end of the year 2023, and oil markets have witnessed an increase since last Monday in light of the aftermath of the decision.
This article was originally published by RT.