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British PM urges Saudi Arabia to increase oil output

Abraham by Abraham
March 18, 2022
in Business
0

British PM urges Saudi Arabia to increase oil output

British Prime Minister Boris Johnson met with oil-rich Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman to lobby for higher production on Wednesday after Russia’s turmoil with Ukraine sent markets into a dip.

Johnson, one of the few Western leaders to visit Riyadh since the 2018 murder of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, said he had a “very productive conversation” with Prince Mohammed, but did not announce any concessions from his hosts.

“I think you need to talk to the Saudis about that,” Johnson told British media after the talks.

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He added that there was a “lot of agreement that it’s important to avoid inflation” and “an agreement that we need to work together to bring peace to Ukraine.”

The UK leader is hoping the oil-rich Gulf states will raise production to help calm oil prices, which soared to nearly 140 U.S. dollars per barrel before dropping below 100.

In their talks, Johnson and Prince Mohammed discussed “regional and international issues of common interest and efforts exerted in their regard, including the developments in Ukraine”, the official Saudi Press Agency said, without mentioning any talks on oil.

Johnson met Prince Mohammed after discussing “the stability of the global oil markets” with Emirati royal Sheikh Mohammed, according to the UAE’s official WAM news agency.

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“The leaders welcomed the long-standing partnership between our two countries and discussed opportunities to increase collaboration between the UK and UAE on energy security, green technology, and trade,” a Downing Street spokesman said.

He also held talks with Abu Dhabi Crown Prince Mohammed bin Zayed in the United Arab Emirates.

Before leaving for Riyadh, Johnson promised to raise human rights issues with Prince Mohammed, but he also stressed Britain’s “very important relationship” with the oil-rich Gulf.

“It’s not just a question of looking at OPEC and what they can do to increase supply, though that is important,” Johnson told British media.

“When we look at the dependency the West in particular has built up on Putin’s hydrocarbons, on Putin’s oil and gas, we can see what a mistake that was because he’s been able to blackmail the West.”

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