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

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

Anton Novoderezhkin | TASS via Getty Images

Khalid A Al-Falih, Energy, Indutry along with Mineral Resources Minister of the Kingdom Saudi Arabia along with Saudi Aramco Board Chairman, attends a plenary session titled ‘Global Energy 2035 – Overcoming Barriers along with 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.

the item comes as the globe’s top oil exporter faces intensifying international pressure to explain exactly what happened to Khashoggi at a Turkish consulate earlier This kind of month.

On Friday, the kingdom admitted for initially which Khashoggi — a prominent critic of Saudi leaders along with 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 along with say they have evidence to prove the item.

Saudi Crown Prince Mohammed bin Salman has denied any involvement.

“There can be 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. the item was imposed on countries supporting Israel during which year’s Yom Kippur war between Israel along with several Arab states. As a result, the U.S was left using a crude shortage along with oil prices quadrupled.

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