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British PM meets Saudi, UAE leaders as war roils oil prices - Government & Private Jobs in Pakistan

British PM meets Saudi, UAE leaders as war roils oil prices

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ABU DHABI: British Prime Minister Boris Johnson began lobbying Saudi Arabia and the United Arab Emirates to pump more oil to calm markets roiled by Russia’s invasion of Ukraine as he met the Gulf states’ leadership on Wednesday.

Johnson arrived in Abu Dhabi for talks with Crown Prince Mohammed bin Zayed and was then due to fly to Riyadh as the West seeks to end its dependency on Russian oil following the invasion of Ukraine.

His visit, as oil prices seesaw in extreme volatility, coincides with fresh condemnation of Saudi Arabia’s human rights record after 81 men were put to death in a mass execution on Saturday.

Johnson will also meet de facto Saudi leader Crown Prince Mohammed bin Salman as he becomes one of the few Western leaders to visit Riyadh since the 2018 murder of Saudi journalist Jamal Khashoggi.

Johnson, himself a former journalist, promised to raise human rights issues with Prince Mohammed, but also stressed Britain’s “very important relationship” with the oil-rich Gulf.

He said the visit was also aimed at increasing investment in UK green energy, including the announcement of £1 billion (1.2 billion euros) from Saudi Arabia’s alfanar group for a project to produce sustainable aviation fuel from waste.

“It’s not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important,” Johnson told British media.

“When we look at the dependency the West in particular has built up on Putin’s hydrocarbons, on Putin’s oil and gas, we can see what a mistake that was because he’s been able to blackmail the West.”

Johnson’s spokesman said he would also ask Prince Mohammed to condemn Russia’s President Vladimir Putin over the assault on Ukraine.

Saudi Arabia and the UAE, which are two of the world’s biggest oil exporters and both have ties to Moscow, have so far avoided taking a position against Russia.

But Johnson said before leaving that the impact of Russian President Vladimir Putin’s “brutal and unprovoked” assault will be felt far beyond Europe.

He said that as Western sanctions begin to bite, a new international coalition was needed to offset their impact on consumers already feeling the pinch from rising inflation and increases in the cost of living.

“The world must wean itself off Russian hydrocarbons and starve Putin’s addiction to oil and gas,” he said in a statement.

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