Latest News

UK’s Johnson urges Saudi Arabia to raise oil output, minister says

0

2/2
© Reuters. FILE PHOTO: British Prime Minister Boris Johnson leaves Downing Street in London, Britain March 9, 2022. REUTERS/Hannah McKay
2/2

LONDON (Reuters) -British Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase its oil output, a senior minister said on Monday, following reports that Johnson would travel to the OPEC heavyweight this week.

Saudi Arabia and the UAE have so far snubbed U.S. pleas to use their spare output capacity to tame rampant crude prices which threaten a global recession after Russia’s invasion of Ukraine.

Saudi ties with the West are strained over a range of rights issues including the Yemen war and the killing of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018.

The Times newspaper said that Johnson would travel to Saudi Arabia this week to try to persuade it to increase output, citing sources that said he had built good ties with the country’s leadership.

Asked if it was right to seek the support of Saudi Arabia, just days after it executed 81 men, Health Secretary Sajid Javid said Britain had a frank relationship with the country but it was also “important to recognise, whether we like it or not, that Saudi Arabia is one of the world’s largest oil producers”.

“At a time of a major global energy crisis that has been caused by this war in Europe, it is right for the prime minister and other world leaders to engage with Saudi Arabia and try to work together where that makes sense,” he told Times Radio.

Oil prices shed as much as $4 a barrel on Monday, on hopes of diplomatic efforts to end the war in Ukraine, with Brent crude futures trading at $108.92 at 0752 GMT.

A spokesperson for Johnson’s Downing Street office declined to comment on the report that the prime minister would travel to Saudi Arabia this week.

Saudi Arabia executed 81 men including seven Yemenis and one Syrian on Saturday, the interior ministry said, in the kingdom’s biggest mass execution in decades.

UK’s Johnson urges Saudi Arabia to raise oil output, minister says

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Why this is the most important week for the stock market: Morning Brief

Previous article

Alibaba stock sinks toward 6-year low as China ADRs take another dive

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News