UK Prime Minister visits Saudi Arabia to discuss increasing oil supplies
Boris Johnson, the UK Prime Minister, launched a Gulf visit that includes the United Arab Emirates and Saudi Arabia today, Wednesday.
The visit’s principal goal is to persuade oil-producing countries to assist in lowering prices in the aftermath of Russia’s invasion of Ukraine.
While Europe strives to minimize its dependence on Russian crude, the British Prime Minister traveled to Riyadh to meet Saudi Crown Prince Mohammed bin Salman.
According to Johnson’s office, the UAE and Saudi Arabia are the United Kingdom’s major commercial partners in the region, with trade between the two countries expected to reach $13.9 billion in 2020.
According to an informed source published by Reuters today, the UAE has confirmed its adherence to the OPEC+ agreement on a gradual rise in output.
Johnson is keen to encourage producers to raise production and secure alternate supplies to minimize the burden on consumers and reduce reliance on Russian exports at a time when the UK, like most Western countries, is facing rising energy prices.
In a statement, Johnson said, “The UK is forming an international coalition to deal with the new reality we face.”
“The world must stop relying on Russian hydrocarbons, and Putin’s reliance on oil and gas must be ended,” he added
He went on, “Saudi Arabia and the United Arab Emirates are crucial international allies in our effort. We’ll collaborate with them to maintain regional stability, aid humanitarian relief operations, and stabilize global energy markets over time.”
Britain’s search for new energy sources raises doubts about its efforts to reduce emissions to meet its 2050 objective of net-zero emissions.
Officials in the United Kingdom are also looking into measures to boost domestic oil and gas output as well as imports.
Saudi Arabia, Britain’s third-largest diesel supplier, will announce the Saudi Al-Fanar Group’s commitment to invest one billion pounds in the Westhouse Green project, which aims to create sustainable aviation fuel from trash on a big scale.
According to Johnson’s office, the UAE and Saudi Arabia are the United Kingdom’s major business partners in the region, with commerce worth $15.9 billion in Abu Dhabi and $13.9 billion in Riyadh in 2020.
The UAE confirmed its commitment to the OPEC + deal on a gradual rise in output, according to Reuters news agency, citing an informed source today, Wednesday.
