The release of emergency oil supplies was denounced by Saudi Arabia’s energy minister on Tuesday as an effort to manipulate the markets, the latest apparent salvo in a dispute with Washington over oil production.
Prince Abdul Aziz bin Salman stated at an investor conference that “people are draining their emergency stocks, had drained it, and utilized it as a technique to manipulate markets although its underlying goal was to mitigate the scarcity of supply.” But I feel compelled to warn everyone that losing emergency stock can cause discomfort in the ensuing months.
Saudi Arabia’s investment minister, Khalid al-Falih, called the controversy “unwarranted” and just temporary while speaking on a previous panel. We are really close, and we will move past this recent disagreement, which in his opinion was unjustified, if you look at the relationship with the people side, the corporate side, the school system, or the way our institutions function together, he said.
Jamie Dimon, CEO of JPMorgan, expressed optimism about the future of bilateral relations. “For the past 75 years, Saudi Arabia and the US have been partners… They’ll figure it out, he assured. These nations will continue to be allies.
Hundreds of CEOs and financial titans are in Riyadh for the three-day Future Investment Initiative (FII), a Davos-style investment conference. Analysts predict that despite tense relations with Washington, Saudi Arabia will demonstrate its geopolitical clout.
The FII, also known as “Davos in the Desert,” was established in 2017 as the largest crude exporter in the world’s attempt to diversify away from oil under the leadership of Crown Prince Mohammed bin Salman. Up to 400 American CEOs are anticipated to attend the conference, although, unlike in past years, the US government will not be represented.
