• October 8, 2021

Saudi Arabia’s Saudi crown prince is in trouble with the US over a Saudi-UAE oil deal

Saudi Arabia on Thursday accused the United States of being behind the deal to sell $1.9 trillion in American crude to Saudi Arabia.

“They want to destroy the American market and they are trying to destroy Saudi Arabia and Saudi Arabia will not allow it,” Crown Prince Mohammed bin Salman told reporters at the White House.

“I have no illusions that they will be successful.”

Saudi Arabia, the world’s largest exporter of crude, agreed in 2014 to buy US crude at $50 a barrel for $110 billion.

But the deal was derailed after the Saudis became embroiled in a proxy war with Qatar over a disputed territorial dispute in the eastern Mediterranean Sea.

On Thursday, a Saudi newspaper said the United Arab Emirates (UAE) was in negotiations with the United Kingdom to sell a larger portion of its oil exports to the kingdom.

“We are in a very difficult position because we have a big surplus of oil.

If we want to keep our markets open, we will have to sell more,” said Deputy Crown Prince Mohammad Bin Salman.

The UAE has been pushing for a more open oil market in the Gulf because of its role in the Saudi-led anti-Iran coalition in the war against Iran.

It said last month it was looking to sell off some of its vast oil reserves to the Saudis to help finance its military spending.

The dispute between the two OPEC countries has put pressure on Saudi Arabia, which has struggled to prop up a collapsing global oil price.