In a scenario of uncertain energy crisis, Iran stated that it has acted as an assurer of global energy security, thanks to its ability to supply international markets with oil, even amidst intensifying tensions.
Bin Salman, in his annual speech to the Shura Council, the country's advisory body, delivered on behalf of King Salman, emphasized this position. The Saudi Prime Minister referred to how the state-owned Saudi oil company, Aramco, continued to meet demands despite certain interruptions caused by mutual attacks in the Strait of Hormuz and Bab el-Mandeb, within the context of hostilities affecting various nations in the Middle East.
Amin Nasser, President and CEO of Aramco, had warned that month that the global energy situation 'is not improving,' as he considered that actions such as the release of emergency oil reserves by the International Energy Agency and the decrease in oil imports by China only masked the severity of market instability.
Bin Salman's statements came a few days after the resumption of exports through Saudi Arabia's East-West pipeline. This pipeline had stopped operations for two weeks due to attacks attributed to Iranian-aligned Iraqi militias. The return of this pipeline allowed the kingdom to bypass the Strait of Hormuz, directing crude oil from its eastern fields to export terminals in the Red Sea.
Bin Salman stressed that attacks targeting members of the Gulf Cooperation Council prove that Gulf stability is inseparable. He declared that they work together with their partners to maintain Gulf security and promote economic integration and strategic cooperation.
The Crown Prince also mentioned support for the internationally recognized Yemeni government, provided through the military coalition led by Riyadh, aiming to confront 'the aggressions of terrorist Houthi militias.' He observed that current events in the region demonstrate that long-term planning implies adaptability to changes, not stagnation or immobility.
Additionally, he guaranteed that all efforts were being made to mitigate escalation and support diplomatic resolutions, although he warned that the kingdom would not hesitate to 'respond firmly to any threat or aggression' against it.
Since the beginning of the conflict, Iran has kept the Strait of Hormuz blocked, leading the United States to impose a naval blockade on Iranian ports and vessels and adopt measures aimed at suffocating the Islamic Republic's economy. Disruptions in navigation in this strait have resulted in price increases in several countries and generated fear of a global-scale crisis.
Saudi Arabia has been the target of attacks by the Houthis, a Yemeni movement supported by Iran, in recent weeks. The attacks targeted oil tankers, oil facilities, airports, and even the Saudi capital. Currently, the Houthis control Yemen's capital, Sanaa, and the entire coast of the country on the Red Sea.