{"id":39508,"date":"2018-10-22T05:38:56","date_gmt":"2018-10-22T10:38:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39508"},"modified":"2018-10-22T05:38:56","modified_gmt":"2018-10-22T10:38:56","slug":"saudi-arabia-wont-weaponize-oil-prices-energy-minister-says","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39508","title":{"rendered":"Saudi Arabia Won&#8217;t &#8220;Weaponize&#8221; Oil Prices, Energy Minister Says"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-22\/saudi-arabia-wont-weaponize-oil-energy-minister-says\"><span class=\"field field--name-title field--type-string field--label-hidden\">Saudi Arabia Won&#8217;t &#8220;Weaponize&#8221; Oil Prices, Energy Minister Says<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1055\" data-gtm-vis-first-on-screen-2077925_22=\"1055\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>With Saudi Arabia moving to quell international outrage over the brutal killing of journalist Jamal Khashoggi by firing a handful of top intelligence officials and arresting more than a dozen Saudi nationals for alleged ties to the killing, Energy Minister Khalid al-Falih told Russia\u2019s TASS news agency, in an attempt to reassure Russia and oil importers around the world that <strong>the kingdom&#8217;s threats to &#8220;weaponize&#8221; oil by cutting production and sending oil prices to $200 a barrel were little more than empty rhetoric,<\/strong> published <a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-14\/saudi-arabia-lashes-out-against-white-house-threatens-global-economy-after-trump\">by a &#8220;rogue&#8221; op-ed writer<\/a> one imagines.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.10.22Falih.JPG?itok=5IiFhEjZ\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018.10.22Falih.JPG?itok=5IiFhEjZ\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.10.22Falih.JPG\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018.10.22Falih.JPG?itok=5IiFhEjZ 1x\" alt=\"Falih\" width=\"500\" height=\"294\" data-entity-type=\"file\" data-entity-uuid=\"9f542a42-8eb3-43b8-b60a-f55705032e28\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Khalid said during the interview that Saudi Arabia has &#8220;no intention&#8221; of triggering a replay of the 1973 oil embargo which rocked the American economy by sending oil prices 4x higher, creating the first of a handful of &#8220;oil shocks&#8221; that become emblematic of the economic malaise that persisted for much of the 1970s in the US.<\/p>\n<blockquote><p>&#8220;There is no intention,&#8221; Khalid al-Falih told Russia\u2019s TASS news agency when asked if there could be a repetition of the 1973-style oil embargo.<\/p><\/blockquote>\n<p>Saudi Arabia has historically been reluctant to use its energy policy as a tool to meddle in international politics (the country only reluctantly went along with the OPEC embargo against the Western countries and Japan that backed Israel during the six-day war).<\/p>\n<blockquote><p><strong>&#8220;This incident will pass. <\/strong>But Saudi Arabia is a very responsible country, for decades we used our oil policy as responsible economic tool and isolated it from politics,&#8221; Falih said.<\/p><\/blockquote>\n<p>Falih&#8217;s mandate from the Saudi government is to stabilize oil markets and &#8220;contribute to economic development&#8221;, something that would in all likelihood grind to a halt if the kingdom helped send oil prices to $200 a barrel. Though, notably, Falih said he couldn&#8217;t offer any guarantees about the price of oil.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia Won&#8217;t &#8220;Weaponize&#8221; Oil Prices, Energy Minister Says With Saudi Arabia moving to quell international outrage over the brutal killing of journalist Jamal Khashoggi by firing a handful of top intelligence officials and arresting more than a dozen Saudi nationals for alleged ties to the killing, Energy Minister Khalid al-Falih told Russia\u2019s TASS news [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[22481,22167,22482,9173,594,701,10651,4318],"class_list":["post-39508","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-1973-oil-embargo","tag-jamal-khashoggi","tag-khalid-al-falih","tag-oil-embargo","tag-oil-prices","tag-saudi-arabia","tag-tass","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39508"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39508\/revisions"}],"predecessor-version":[{"id":39509,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39508\/revisions\/39509"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}