Saudi Arabia has warned that Western sanctions imposed on Russia in retaliation against its war with Ukraine could potentially lead to a shortage of energy supplies. The remarks by Energy Minister Prince Abdulaziz bin Salman on Saturday came as he inaugurated talks involving the US-based International Association for Energy Economics (IAEE) held in the Saudi capital. “All of those so-called sanctions, embargoes, lack of investments, they will convolute into one thing and one thing only, a lack of energy supplies of all kinds when they are most needed,” the minister said in response to a question on if the sanctions on Russia could affect the global energy market.
Calling for a swift transformation in the global energy market, Saudi-based King Abdullah Petroleum Studies And Research Center chief Fahad Al-Ajlan highlighted the talks as a viable opportunity to bring common aspirations to fruition. The talks primarily focus on existential challenges facing the global energy market, in addition to push forward efforts to reach carbon neutrality, added the Saudi official.
Source- Arab Times.
