Saudi Energy Minister: It’s U.S. Prerogative to Draw on Strategic Oil Reserves

Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday it was up to the United States whether or not to withdraw more supplies from its strategic oil reserves.

The administration of US President Joe Biden said in November that it would withdraw about 50 million barrels from its reserves in cooperation with other consuming countries, such as China, India, and South Korea, to counteract the rising cost of fuel.

Brent crude futures rose 40 cents, or 0.5 percent, to $ 86.46 a barrel by 0641 GMT. Earlier in the session, contracts hit $86.71 a barrel, the highest since October.

“This is a matter for the American government,” the Saudi minister told reporters in Dubai in response to a question about whether the United States could withdraw more oil from its reserves due to the high prices.

The minister was attending the opening of the Abu Dhabi Sustainability Week Summit at the Expo 2020 headquarters.