DUBAI, United Arab Emirates — Saudi Arabia said Monday that it “won’t bear any responsibility » for a shortage in global oil supplies after a …
DUBAI, United Arab Emirates — Saudi Arabia said Monday that it “won’t bear any responsibility » for a shortage in global oil supplies after a fierce barrage of attacks by Yemen’s Houthi rebels affected production in the kingdom, the world’s largest oil exporter. The unusually stark warning marked a departure from the giant oil producer’s typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets. The state-run Saudi Press Agency quoted the Saudi Foreign Ministry as saying that the kingdom “declares that it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.” The announcement comes as the kingdom remains in lockstep with OPEC and other oil-producing countries in a deal limiting production increases. Gulf Arab oil producers have so far resisted pressure from the Biden administration to pump more crude to help bring down oil prices that have soared amid Russia’s war on Ukraine. The state oil firm Saudi Aramco said Sunday its 2021 net income was $110 billion, more than doubling the $49 billion a year before, The New York Times reported. Aramco, which is 98% owned by the Saudi government, will invest up to $50 billion in increasing its capacity, including a move to shale drilling, the report said.
