Saudi Blasts Release of US Oil Reserves as an Attempt to ‘Manipulate Markets’
Saudi Blasts Release of US Oil Reserves as an Attempt to ‘Manipulate Markets’

By Bryan Jung

The Saudi Arabian energy minister indirectly slammed the decision by the Biden administration to release oil from the Strategic Petroleum Reserve (SPR) as an attempt to “manipulate markets.”

This is the latest spat between Riyadh and Washington over crude production.

Saudi Energy Minister Prince Abdulaziz bin Salman did not directly mention President Joe Biden over the tapping of the U.S. emergency oil stocks, according to a story in the Agence France-Presse.

However, the prince did refer to the recent move by the Biden administration to drain another 15 million barrels from the SPR onto the market through December, which will be expensive to replace.

Back in late March, the White House announced a plan to release 1 million barrels of oil per day from the reserve for the next 180 days.

The reserve once held more than 640 million barrels, according to Forbes, but it has since been depleted to below 260 million barrels, its lowest level since 1984,

“People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply,” Prince bin Salman told investors in Riyadh on Oct. 25, according to AFP.

“However, it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come.”

Biden and America’s Oil Crisis

The release was the final portion of a program to release 180 million barrels of oil in response to an energy crisis caused by Russia’s invasion of Ukraine and the administration’s own green energy policies.

Since Biden took office, his administration has virtually declared war on the domestic fossil fuel industry to fight climate change.

Drilling and exploration in U.S. territory has slowed, while new regulations and the cancellation of the Keystone Pipeline have made the United States once again dependent on foreign imports.

“The United States has reverted from net exporting its vast reserves of fossil fuels to net importing, while recklessly draining its strategic petroleum reserves, leaving the country vulnerable in a real crisis,” Michael Wilkerson, a strategic advisor and investor, told The Epoch Times.

Biden’s critics have also slammed his move to tap oil from the critically depleted SPR before the midterm elections, characterized as a cynical political move.

“It is unacceptable for the Biden administration to use our emergency oil reserves as a political tool to temporarily lower gas prices ahead of the election,” wrote Rick Perry, a former energy secretary and Texas governor, in a FOX News opinion column.

“At every turn, this administration has chosen to undermine and impede American energy production. Biden has favored buying foreign oil over working with American companies here at home, and has chosen short-term solutions, like depleting the SPR or pleading with OPEC, over long-lasting change,” blasted Perry.

Relations between Washington and the world’s largest crude exporter have been strained since Biden took office.

The Saudis Anger Washington Over Moscow

The latest play by the Biden White House comes after a decision in early October by the Saudi-led cartel to cut oil production by 2 million barrels a day from November.

President Biden had privately urged the Saudi crown prince to wait until after the midterms to cut oil production, according to a Wall Street Journal report, and warned him that rejecting the offer would be a clear sign of siding with Russian President Vladimir Putin.

The United States and its allies have been putting pressure on countries around the world to cut ties and trade relations with Russia, in an effort to isolate it over its invasion of Ukraine.

The Saudis, along with other key oil exporters, have decided to stick with Moscow, even at the expense of their ties with Washington.

The crown prince has even cozied up to Putin and Xi Jinping, as ties between the Gulf State kingdom and the United States become increasingly frigid.

OPEC’s move this month surprised the administration, which accused the Saudis of “aligning with Russia” over its longstanding American ally.

Prince Abdulaziz hit back against that assessment at the Riyadh summit.

“I keep listening, are you with us or against us? Is there any room for, ‘We are for Saudi Arabia and for the people of Saudi Arabia’?”

“I think we as Saudi Arabia decided to be the maturer guys and let the dice fall,” when asked by AFP about improving relations with Washington.

Members of the Washington establishment have proposed retaliatory measures against the Saudis, such as new legislation to punish them and their fellow OPEC members for alleged price fixing.

A bill called No Oil Producing and Exporting Cartels Act (NOPEC) has been floating around on Capitol Hill, with some bipartisan support, according to The New York Times.

The Group of Seven nations are also planning to cap Russian oil sales at an enforced low price, which has angered Riyadh.

Saudis Attempt to Diversify Away From Oil Exports

Hundreds of CEOs and investors are in the Saudi capital for the three-day Future Investment Initiative (FII), a World Economic Forum- style conference created to illustrate the kingdom’s geopolitical strength.

The FII, also known as “Davos in the Desert,” was launched in 2017 by Crown Prince Mohammed bin Salman to entice foreign investment, as the desert nation attempts to diversify away from its revenue-dependency on crude exports.

Nearly 400 American CEOs are expected to participate, but in an ominous sign, no representatives from the U.S. government were invited, unlike in years past, according to AFP.

“The United States, while simultaneously begging bankrupt and decrepit Venezuela for help, will still have to buy oil from the Saudis for the foreseeable future. And the Saudis will happily sell it, but on their terms. In less than two years, the United States has gone from being a price-setter to a cap-in-hand price-taker. We have absolutely no leverage, and OPEC knows it,” said Wilkerson.

Meanwhile, at the summit, JPMorgan CEO Jamie Dimon remarked to AFP about his optimism regarding future ties between Saudi Arabia and the United States.

“Saudi Arabia and the United States have been allies for the last 75 years. .. They’ll work it through,” and that “these countries will remain allies going forward.”

Affiliate News Feeds

  • Reuters
  • Washington Examiner
  • The Federalist
  • The Epoch Times
  • The Guardian
  • The Gateway Pundit
  • Judicial Watch

By Hans Mahncke News Analysis Late on Dec. 2, Elon Musk started the process of releasing thousands of internal Twitter emails. Musk, whose purchase of Twitter was completed on Oct. 28, had previously announced… [...]

By Naveen Athrappully France is banning short-haul domestic flights when there is a regular and frequent train option that takes less than two and a half hours, after a 2021 climate law, No… [...]

By Katabella Roberts House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on Fox Business Network’s “Sunday… [...]

California lawmakers are once again poised to introduce legislation to tax Big Oil despite public backlash over a similar move earlier this year. [...]

The Supreme Court heard oral arguments Monday in a case about whether a custom webpage designer who disagrees with LGBT marriage can refuse to create a website for a same-sex… [...]

President Joe Biden is considering the idea of removing the COVID-19 vaccination mandate for U.S. service members, though he backs Defense Secretary Lloyd Austin’s continued support for the measure. [...]

Even corrupt corporate media are willing to acknowledge the risk of nuclear war is 'now a daily issue for the Biden administration.' [...]

A legal rep for the Loudoun County School Board engaged in witness tampering during an investigation into an alleged sexual assault. [...]

The attack on Lorie Smith is both authoritarian and unconstitutional. [...]

A recently discovered filing in a court case relating to Big Tech censorship revealed that the office of Arizona Secretary of State Katie Hobbs coordinated with Twitter to censor election… [...]

The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos… [...]

To some, it’s an arcane discussion among constitutional scholars that reads like cement. To others, it’s a brazen grab for “runaway legislative power” by state lawmakers who say the U.S.… [...]

Labour-endorsed study finds initiative would save families thousands of pounds, cut benefits spending and raise tax revenuesFree universal preschool childcare and more funding for after-school clubs could increase government revenues… [...]

Union recommends members reject latest offer and adds 24-27 December strike but drops overtime ban Hopes of a deal to avert severe Christmas rail disruption were dashed on Monday night… [...]

PM caves in as up to 100 Tory MPs threaten to rebel, leading Labour to accuse him of putting party before countryRishi Sunak is to drop compulsory housebuilding targets to… [...]

Kari Lake told Tucker Carlson on Monday night following the 2020 Arizona midterm election for governor that was awarded to Katie Hobbs. Previously, Tucker Carlson told Kari Lake that the… [...]

Dr. Simone Gold, President and Chairman of America’s Frontline Doctors, wrote a letter to Elon Musk on Monday, asking to be included in a team of medical experts who will… [...]

The Gateway Pundit reported on thermal drone video showing a massive group of illegal aliens marching like soldiers and illegally crossing into private property into Eagle Pass, Texas one day after Chuck… [...]

Top Headlines of the Week Press Releases Judicial Watch: Secret Service Has Repeatedly Changed Story on Existence of Hunter Biden Gun Records Judicial Watch announced recently that the United States… [...]

From The European Conservative: In recent days, we have seen news reports proclaiming the Ukrainian victory along the western bank of the Dnipro River in the city of Kherson. These… [...]

Secret Service Repeatedly Changes Its Story on Hunter Biden Gun Records What is the Secret Service Hiding about Biden Raid on Trump’s Home? Judicial Watch Sues to Find Out! Judicial… [...]


USNN World News (USNN) USNN World News Corporation is a media company consisting of a series of sites specializing in the collection, publication and distribution of public opinion information, local,...