Saudi Arabia Energy Minister: Current crisis may be the worst energy crisis

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia is the most secure and reliable oil supplier and argued that the current crisis may be the worst energy crisis, as reported by Reuters.

Additional takeaways

"We are engaged with many European governments regarding the current crisis."

"Last year Saudi Aramco was supplying Europe with 490,000 barrels, this September it was 950,000 barrels."

"It’s not about recession, it's about how severe the recession might be."

"People are depleting their emergency stock and using it as a mechanism to manipulate the market when its purpose was to mitigate shortages of supply."

"Using emergency stocks may become painful in the months to come."

Market reaction

Crude oil prices continue to decline on Tuesday and the barrel of West Texas Intermediate was last seen trading at $83.65, where it was down 1.4% on a daily basis.