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Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud.
The US set these sanctions up and used their control over Europe to force them to get on board.
Meanwhile, Europe is the one paying all of the immediate costs.
However, if Saudi gets off the US dollar plantation, this whole thing is going to come back to bite Uncle Sam right in his circumcised dick.
Saudi is already trading with China, the richest country in the world, in non-dollar currencies.
Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies.
The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow’s ability to fund its war in Ukraine.
In response to a question on how the sanctions environment would affect the energy market, bin Salman told an industry conference in Riyadh: “All of those so-called sanctions, embargoes, lack of investments, they will convolute into one thing and one thing only, a lack of energy supplies of all kinds when they are most needed“.
The prince did not specifically mention Russia in his remarks. He said Saudi Arabia was working to send Ukraine liquefied petroleum gas (LPG), which is most commonly used as a cooking fuel and in heating.
Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to “trust OPEC+“.
“We are a responsible group of countries, we do take policy issues relevant to energy and oil markets in a total silo and we don’t engage ourselves in political issues,” the prince said.
The US basically believes that because every other currency is pegged to the dollar, they can just do whatever the hell they want.
They’re leaving the Europeans to freeze.
While it is true that the dollar serves as the basis of every other currency, this is not something that is necessarily static forever – particularly if China puts forward a digital yuan backed by either gold or energy.
They still have a long way to go, but if Saudi is on-board, things become a lot easier.
Saudi Energy Minister talks about the hypocrisy of some Western countries:
The countries that were against fossil fuels months ago have now changed their positions and are burning coal in abundance and negotiating the nuclear deal indifferent to the repercussions of the climate. pic.twitter.com/oMGrtO6pHv— cloud2004 (@cloud20042) February 5, 2023
Related: Germany May Divert Green Energy Funds to Arms Productions
