Saudi Arabia Says It's Not Responsible For High Oil Prices
Newsy
This sways from usual statements, as Saudi officials are aware that even their smallest comments can swing the price of oil and rattle global markets.
Saudi Arabia said on Monday that it "won't bear any responsibility" for a shortage in global oil supplies after a fierce barrage of attacks by Yemen's Houthi rebels affected production in the kingdom, the world's largest oil exporter.
The unusually stark warning marked a departure from the giant oil producer's typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets.
The salvo of rebel attacks on Saudi Arabia's oil facilities marked a serious escalation in the war, which erupted in 2014 when the Iran-backed Houthis seized the capital, Sanaa, and much of the country's north. Saudi Arabia and its allies responded with a devastating air campaign to dislodge the Houthis and restore the internationally recognized government. Seven years later, the conflict has turned into a bloody stalemate and spawned the worst humanitarian disaster in the world.
