3/14, 9:06 PM (Source: TeleTrader)
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S. Arabia will not sell oil to nations imposing price caps

Saudi Arabian Energy Minister Abdulaziz bin Salman Al-Saud (pictured) stated on Tuesday that the Gulf country will not deliver its oil to states that introduce price limits.

Addressing a hypothetical situation where a price cap was imposed on Saudi oil, the minister assessed that Riyadh will not sell oil to any country that imposes a price cap on the country's supply, and will reduce oil production instead.

He concluded that he expects other nations to act in the same way, stressing that price caps on any commodity lead to "counter-responses with intolerable consequences in the form of massive volatility and instability."

Baha Breaking News (BBN) / MX