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News ID: 101091
Publish Date : 16 March 2022 - 22:00

British PM Meets Saudi, UAE Rulers as War Roils Oil Prices

ABU DHABI (AFP) – British Prime Minister Boris Johnson met with Saudi Crown Prince Mohammed bin Salman on Wednesday as part of a whistlestop Persian Gulf tour to lobby for higher oil production after the conflict in Ukraine sent markets into turmoil.
Saudi Energy Minister Prince Abdulaziz bin Salman also attended the meeting in Riyadh, Saudi Press Agency said, adding that Saudi Arabia and the UK discussed the conflict in Ukraine and other regional and international issues.
Johnson, one of the few western leaders to visit Riyadh since the 2018 murder of Saudi journalist Jamal Khashoggi, touched down after talks with Abu Dhabi Crown Prince Mohammed bin Zayed in the United Arab Emirates, another oil-rich Persian Gulf state.
The UK leader is attempting to rein in oil prices, which had soared to nearly $140 a barrel before dropping below $100, and help end the West’s dependency on Russian oil.
His visit, as oil prices seesaw in extreme volatility, coincides with fresh condemnation of Saudi Arabia’s human rights record after 81 men were put to death in a mass execution on Saturday.
U.S. President Joe Biden and Prince Mohammed haven’t spoken since Biden took office and vowed to treat the kingdom as a “pariah” state over Khashoggi’s killing, which the CIA blamed on the Saudi royal.
The UK leader’s spokesman insisted he would raise human rights concerns and the recent executions.
But Johnson said before setting off for the trip that the impact of the conflict in Ukraine will be felt far beyond Europe.
He added that as Western sanctions on Russia begin to bite, a new international coalition was needed to offset their impact on consumers already feeling the pinch from rising inflation and increases in the cost of living.
“The world must wean itself off Russian hydrocarbons and starve Putin’s addiction to oil and gas,” he said in a statement.
“Saudi Arabia and the United Arab Emirates are key international partners in that effort.
The UAE and Saudi Arabia are the UK’s two largest economic partners in the region, with bilateral trade worth £12.2 billion ($15.9 billion, 14.5 billion euros) and £10.4 billion respectively in 2020, Johnson’s office said.
The prime minister is hoping he can persuade bin Salman to boost his kingdom’s oil production to help lower spiraling prices that are pushing up household energy bills.
Germany last week issued an “urgent appeal” to the OPEC oil producers group to increase production “to create relief on the market” because of supply fears.