Saudi Arabia says ‘no intention’ for a 1973-style oil embargo

Anton Novoderezhkin | TASS via Getty Images

Khalid A Al-Falih, Energy, Indutry and Mineral Resources Minister of the Kingdom Saudi Arabia and Saudi Aramco Board Chairman, attends a plenary session titled ‘Global Energy 2035 – Overcoming Barriers and Consolidating Opportunities’ as part of the 2018 Russian Energy Week international forum at Moscow’s Manege Central Exhibition Hall.

OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi.

It comes as the world’s top oil exporter faces intensifying international pressure to explain exactly what happened to Khashoggi at a Turkish consulate earlier this month.

On Friday, the kingdom admitted for the first time that Khashoggi — a prominent critic of Saudi leaders and former Washington Post journalist — had been killed. The statement comes after Riyadh initially said he had left the building unharmed on October 2.

Turkish authorities claim Khashoggi was murdered by a team of Saudi agents inside the consulate and say they have evidence to prove it.

Saudi Crown Prince Mohammed bin Salman has denied any involvement.

“There is no intention,” Khalid al-Falih told Russia’s TASS news agency when asked whether there could be a replay of the 1973-style oil embargo.

The 1973 oil embargo refers to an extraordinary move by Arab OPEC members to stranglehold oil markets. It was imposed on countries supporting Israel during that year’s Yom Kippur war between Israel and several Arab states. As a result, the U.S was left with a crude shortage and oil prices quadrupled.