Saudi Arabia issues an oil embargo warning.

Saudi Energy Minister Prince Abdulaziz bin Salman has warned Western states against capping the price of crude oil supplied by the kingdom, adding that any attempts to impose a ceiling would be met with a halt of sales and production cuts. He compared the oil-price cap with the US proposal to adopt the so-called NOPEC legislation, stressing that the potential impact of such measures on the oil market are similar. In December, the EU, G7 nations, and their allies introduced a collective ban on Russian seaborne oil exports, along with a price cap of $60 per barrel. In February, Russia announced plans to voluntarily reduce oil production in March by 500,000 barrels per day as it halts sales to buyers that comply with a Western-imposed price ceiling. According to the Saudi oil minister, the policies pursued by the West add "new layers of risk and uncertainty" to the global oil market at a time when clarity and stability are most needed.