The Oil Crisis Takes a Dangerous New Turn

Bin Salman mentioned “assaults by Yemen’s Islamic-backed Huthi rebels against Saudi oil installations, along with a series of missile and drone attacks on Friday [March 25].”

This happened while he was speaking at the United Arab Emirates (UAE)-sponsored Global Government Conference in Dubai on March 29. (AFP).

The Details

These strikes, according to Saudi Arabia’s energy minister, have “called into doubt our capacity to top up the globe with the required energy needs.”

“Back in the day, we, together with our colleagues here in the UAE, worked together to establish and maintain energy security.” Bin Salman noted, “These pillars are no more there.”

Yemen’s Houthi Islamists have taken credit for a fresh wave of attacks against Saudi Arabian oil refineries. The US and Saudi governments claimed Iran is arming the Houthis; however, Iran disputes the claim.

In 2015, the Houthis terrorist group ousted Yemen’s elected government, sparking a civil war that is still ongoing.

“Allahu Akbar, Death to the USA, Death to Zionism, a Curse on the Jews, Triumph to Islam,” says the Shiite terrorist group, which is affiliated with Tehran.

It was one of President Biden’s initial acts as leader to remove the blacklisting of Houthis as an international terrorist organization.

On Tuesday, Bin Salman referred to Riyadh’s tight relationship with Tehran, its regional adversary, when defending Saudi Arabia’s choice not to expel Russia from the Organization of Petroleum Exporting Countries Nations, which he leads.

Since its inception in 1960, Tehran has been a part of the Saudi-led OPEC (the forerunner of OPEC+).

“Everyone leaves their politics outside when we come into the OPEC conference room or building, and that tradition has been with us,” Bin Salman remarked on March 29 in Dubai.

“We were able to separate our political disagreements from what is in the best interests of all of us,” he added.

It’s Not Enough

Since February 24, when Russia began a military takeover of Ukraine, the US government pressed Riyadh to kick Moscow out of OPEC+.

Since late February, the United States led the world in placing a slew of financial penalties on Moscow as part of a deliberate attempt to penalize Russia for its decision to invade Ukraine.

The US-led effort also prompted the world’s economic organizations, such as the Group of 20 (G20) developed economies, to place Russia on a blacklist and refuse its new membership.

“The US and its allies are requesting that [OPEC’s relations with Russia] be politicized. We will not do that,” UAE Environment Minister Suhail bin Mohammed al-Mazrouei declared at the Global Conference in Dubai on March 29, according to the Wall Street Journal.

OPEC has failed to expel Iran from the group over its 62-year history, Al-Mazrouei said on Tuesday, repeating his Saudi comrade’s remarks. “Despite the fact they are shooting missiles at us,” he added.