Saudi Arabia, the world’s biggest crude exporter, believes oil should not be used as a weapon because it is the economic lifeline of Arab states, its foreign minister said. Asked whether the oil weapon should be used if the conflict between Israel and Hezbollah escalates, Prince Saud Al Faisal said: “The two issues should not be mixed because oil is among the economic capabilities that countries... need to meet their obligations towards their citizens. | “If we ignore this reality and start asking that the foundations of our life (be used) and enter into reckless adventures, the first to be hurt will be our citizens...” |
His comments were carried on the official Saudi Press Agency late on Wednesday. Saudi Arabia and other US-allied Gulf members of the Organisation of the Petroleum Exporting Countries (Opec) have made clear in the past they do not intend to repeat the 1973 Arab oil embargo, sanctioned by Saudi ArabiaÂ’s then King Faisal to punish the West for backing Israel in the Arab-Israeli war.
Saudi Arabia, OpecÂ’s largest producer, has repeatedly vowed to remain a trustworthy supplier to world oil markets and pledged to maintain at least 1.5 million barrels a day (bpd) of spare production capacity. The kingdom, which holds the bulk of OpecÂ’s spare capacity, has accelerated oilfield expansion plans to hike its production capacity to 12.5 million barrels per day (bpd) by 2009 from 11.3 million bpd to meet growing world demand.