Today, Tuesday, the Saudi Press Agency quoted the Council of Ministers as stressing the importance of the OPEC Plus agreement in stabilizing global oil markets.
The council's statement called on the international community to assume its responsibility in maintaining energy supplies and to stand firmly against the Houthi group and deter it from its attacks that pose a direct threat to the security of supplies in global energy markets.
In recent days, Saudi Arabia has been subjected to escalating attacks by the Houthi group, some of which targeted oil sector facilities in different parts of the kingdom.
And the Ministry of Foreign Affairs announced - yesterday, Monday - that the Kingdom will not be responsible for any shortage of oil supplies to global markets in light of the attacks on its oil facilities by the Houthi group.
On a related topic, Jeremy Weir, CEO of the global commodity trading company Trafigura, said today, Tuesday, that the oil market has already lost about 2.0 to 2.5 million tons of Russian oil.
He added that a shortage in the diesel market would be difficult for Latin America and Africa in particular to bear.
"There is a shortage of crude supply of about one million barrels per day, and a shortage of one million barrels per day of oil products, and maybe a little more," Jeremy Weir told the Financial Times Global Commodity Summit.
He explained that the diesel market is suffering from a severe shortage that Europe can bear, but it will be difficult for Africa, which depends heavily on diesel to generate electricity.
Russia warns of oil prices around $300 a barrel
Russia's Deputy Prime Minister Alexander Novak said on Monday that oil prices could reach $300 a barrel if the West stopped buying Russian crude, Russian Deputy Prime Minister Alexander Novak told TASS news agency, but added that such a scenario was unlikely.
Trade sources say some buyers are reluctant to buy Russian oil to avoid exposure to Western sanctions imposed on Moscow over the Ukraine crisis.
It is impossible for Europe to avoid buying Russian oil and laurel at present, Novak said, adding that Western calls to halt purchases are political gestures to attract attention.
Novak added that Russia is working to maintain oil export volumes by addressing logistical problems, and will continue its oil and gas production as it was before the sanctions.