Saudi Arabia’s Energy Minister Abdulaziz bin Salman stated that his country is likely to impose a price ceiling on oil exports, saying: “We will not sell oil to any country that applies this to our supplies.”

According to Saudi Arabia’s official news agency SPA, Energy Minister Bin Salman made a statement on the Energy İntellengence website.

Saying his country will cut oil production, Bin Selman said: “I wouldn’t be surprised if other countries do the same.”

‘INSTABILITY AND MARKET FLUCTUATION INCREASES’

Bin Selman stated that there is a big difference between the “NOPEC” bill and the extension of the price cap, noting that “the potential effects of this on the oil market are similar.”

Stating that his country is likely to impose a price ceiling on oil exports, Saudi Arabian Energy Minister Abdulaziz bin Salman said:

“We will not sell oil to any country that applies this to our supplies. Such policies bring new risks and more uncertainty at a time when clarity and stability are sorely needed. I reiterate that such policies will inevitably increase market instability and volatility.”

The bill called “No to the Oil Producers and Exporters Cartels (NOPEC)” against the Organization of Petroleum Exporting Countries (OPEC) first appeared in 2000 and was presented to the United States Congress 16 times before to its promulgation. (AA)