Saudi Arabia says it’s not Responsible for High Oil Prices

On Monday, World’s largest oil exporter, Saudi Arabia said that the country will not be responsible for high oil prices or for a shortage of global oil supply. This statement by Saudi Arabia came after  Yemen’s Houthi rebels attacked Saudi Arabia’s oil facilities. This has eventually affected the production of oil in the country. The state-backed Media agency quoted the Saudi Foreign Ministry as saying that the kingdom “declares that it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.” This statement by Saudi Arabia comes at a time when the price of crude oil is already high. On Monday, the prices of Brent Crude were trading around $112 per barrel. On Sunday, an intense attack was carried out at Saudi’s oil and natural gas production units by Yemen’s Iran-backed rebels. These attacks sparked a fire at a petroleum distribution center in the country’s second-largest city- Jiddah.